Banking Technology May 2018 issue out now
Banking Technology May 2018
All encompassing. Right place, bright time.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
A note from our editor-in-chief, Tanya Andreasyan:
What has everyone been talking about recently, those inside and outside of the fintech world? TSB and its tech woes.
The bank has been steadily building up its reputation as a responsible financial institution, with high moral values and the desire to help consumers and SMEs to manage and improve their financial lives, as well as caring for and nurturing its staff. And it has been doing a really good job (in my opinion) until that ill-fated weekend of technology migration from Lloyds’ systems to Proteo4UK.
I am sure nobody doubts the bank ran plenty of tests. But clearly that was not enough. People were working around the clock to get ready for this migration, and I am sure programme management was in place. But it would seem it was not sufficient.
The bank was simply not prepared to deal with the volumes of small-value transactions that its five million retail customers do digitally (small everyday purchases multiple times a day, paying for train/bus/underground, downloading music and apps, checking balances and so on). And the influx of customer issues once the internet and mobile banking systems were down. Was there a fall-back plan? Erm…
It took much longer than anticipated to restore the systems, but even then user numbers and transaction volumes had to be limited.
More issues will come to light as the investigation into what went wrong and how to put it right is revealed. IBM has been parachuted in to help (and what an opportunity for the tech giant to make money, eh!). There will be lots of humble pie eating and appearing in front of various committees, and a hefty fine is predictable. And heads will roll.
“Big bang” migrations of this scale are very complex, and are often career makers or breakers. Lots of comparisons to “open heart surgery” and “changing a plane engine mid-air”, and none to “a pleasant stroll in the park”. No wonder banks try to avoid them as much as possible! But if you are a bank embarking on a tech overhaul project, take a closer look at the TSB debacle and learn from its mistakes so as not to repeat them.
And for TSB and its tech team that has probably had the worst couple of weeks of their careers, I wish the IT issues will be resolved soon – for all the customers, staff and the bank’s reputation (or what’s left of it) sake.
The May 2018 edition of Banking Technology features:
Payments commentary
Fighting a (losing) battle against fraud.
Interview: Jean-Michel Hilsenkopf, Temenos
What’s hot in digital banking and how to think differently.
Comment: branch banking
No more cash at the branches?
Fintech funding round-up
Who’s got the dosh and who parted with it.
Spotlight: credit unions and fintech
Taking advantage of fintech intelligently
Interview: Eric Wilson, Xinja
Australian neobank takes on the big four.
Survival guide
“Active sponsors” and other mythical creatures of banking.
Challenger bank spotlight
Redwood Bank – “born in the cloud”.
Speaking from experience
The reality of a UK fintech doing business in China.
And not to forget the Regulars of course:
News – the good, the bad and the ugly.
Appointments – the movers and the shakers.
Industry events – mark your calendars!
Out of office – curiosities, frustrations and mishaps of the fintech world.
Click here to read the digital edition of Banking Technology May 2018
