A major banking app outage impacted customers across the UK on payday, preventing access to funds. Banks such as Bank of Scotland, Lloyds, Halifax, and TSB faced difficulties with their mobile banking services. Reports indicated over 4,400 issues with Lloyds alone. Experts assert that incidents like these underscore the excessive reliance on technology in banking, suggesting a need for robust branch networks for face-to-face banking. Additionally, fintech specialist Chris Skinner emphasized that the rapid pace of technological change outstrips current regulatory frameworks, calling for better oversight and accountability from banking leaders and regulators.
Another week and another banking outage, we are over reliant on technology. But this proves that now more than ever a strong bank branch network, as when outages happen, we need face to face banking.
I think the world is spinning so fast with technology that the challenge we have is no-one's keeping up, particularly regulators and lawmakers.
So the regulators and lawmakers need to have people who do better due diligence. I think there's an issue here with reliability, service and resilience.
We're sorry about this and we're working to have it back to normal soon.
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