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"""“This turned what was a super-hard systems job [into] a clusterfuck in the making,” the insider said""" Oh dear. Later: """The bank has been forced to can
by wiredfool 8y ago
"""“This turned what was a super-hard systems job [into] a clusterfuck in the making,” the insider said"""
Oh dear.
Later:
"""The bank has been forced to cancel all overdraft fees for April and raise the interest rate it pays on its classic current account in a bid to stop disillusioned customers taking their business elsewhere."""
I think the main reason their customers aren't taking their business elsewhere is that their money is stuck till this is resolved.
- tialaramex 8y agoThe UK's banks are all obliged to offer a system to consumers (and small businesses now too) where - manually if necessary - the bank transfers that customer's current account to another bank in a specific time period (one week? 10 working days? I don't remember). This is a result of government investigators concluding that banks weren't actually facing much competition because their customers thought switching to a competitor would be really hard and so they didn't bother. Obviously for this to be economical normally, the banks must automate the shit out of the problem. That means not just transferring the correct balance but identifying regular payments, notifying payees like employers, and sorting basically everything out. Anything they don't automate ends up as yet more work for their customer services agents, because if it goes wrong they have to pay to fix it. So for TSB right now this is yet another cost they're soaking, and they don't even get to keep the customers, those customers are gone, no take-backs.