IT meltdowns are becoming dangerously common among the big banks. According to Which, at least one British bank suffered an IT failure every day during the last nine months of 2018.
TSB’s outage last year, which left 1.9m customers locked out of their accounts and cost the bank £330m, demonstrates how catastrophic these IT issues can be to both businesses and consumers.
The problem, of course, is that many banks use outdated legacy technology, which often buckles under the weight of modern-day demands.
Patching up the problem only delays the inevitable collapse, and many banks are now accepting the need to take bold action.
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