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Banks hit by multiple IT failures

(Image credit: Image Credit: Dotshock / Shutterstock)

A detailed breakdown of the number of IT incidents banks in the UK are faced with on an everyday basis has been released for the first time. 

The release comes from the Financial Conduct Authority (FCA), which is forcing banks to be more transparent about their business and service, and that includes sharing more information about IT-related incidents.

According to these reports, major banks suffer at least one IT-related outage every month.

In the nine months to the end of 2018, the reports have shown that most of the major High Street banks have suffered more than ten shutdowns.

Among them, the leader – Barclays, with more than 41 IT-related incidents. "We take IT resilience extremely seriously and we welcome transparency for our customers which is why we report every incident to the regulator, even minor glitches that have minimal impact on customers,” the bank’s spokesperson told the BBC.

Lloyds Bank was second with 37 incidents, while other banks in the Lloyds Banking Group had a combined number of 31.

The BBC also reminds that the number of shutdowns does not necessarily have to mean poor customer satisfaction. As a matter of fact, Barclays is generally perceived as a solid bank, despite being a leader in the number of IT-related shutdowns.

GfK’s official rankings show Barclays as the second bank in mobile and online banking, and fifth in overall satisfaction.

Image Credit: Dotshock / Shutterstock