Nine major UK banks have reported over 803 hours of technology outages in the last two years, equivalent to 33 days. This information was revealed by the Treasury Committee, which investigated the impact of these failures, notably excluding recent significant outages. This disruption has severe consequences for customers, particularly those managing tight budgets, as highlighted by Dame Meg Hillier's comments. The Treasury is assessing the accountability of banks and third-party suppliers, as experts stress the need for the banking sector to modernize its IT infrastructure.
"For families and individuals living pay cheque to pay cheque, losing access to banking services on payday can be a terrifying experience."
"The fact there has been enough outages to fill a whole month within the last two years shows customers' frustrations are completely valid."
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