IT meltdown causes issues for customers

TSB customers have been locked out of their accounts after TSB migrated their customer data to a new IT system. Despite TSB being told their new platform was ready for the transfer, the system had not been tested sufficiently, according to IBM, who were called in to help with the crisis.

This led to many customers being locked out of their accounts, with others being given access to customers’ confidential records.

The IT meltdown cost TSB £176.4 million and around 26 000 customer accounts, with unhappy customers having migrated to other banks. Which? money expert, Gareth Shaw, said: “Customers can incur fines, penalties and fees when they’re not able to access their finances, so the bank must offer compensation to all those affected.”

Though the company has, in fact, offered compensation of up to £100 to some of those affected, many customers feel as though the bank should be doing more to help them recover from the crisis.

As a result of the ongoing IT fiasco still affecting customers today, Paul Pester has resigned after working as TSB’s Chief Executive for 7 years. Richard Meddings – the bank’s chairman – has since taken over the role, claiming that “whilst there is still work to do to achieve full stability for customers, TSB’s systems and services are much improved since the bank’s IT migration earlier this year.”

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