UK Banking report on ‘online banking shutdowns’ confirm frequent, regular outages

In the UK, customers suffered dozens of online banking shutdowns last year, according to new figures that reveal the scale of banks’ IT problems for the first time.

UK banks have begun publishing the number of operational and security incidents that have occurred on their sites, under a voluntary scheme overseen by the financial regulator. The data reveals a picture of frequent, regular outages.

The BBC reports that “banks were told by the regulator, the Financial Conduct Authority (FCA), to show evidence of the quality of the service they were providing. The aim was to make it easier for customers to compare what banks were offering and to switch accounts.

As a result, banks now publish details on their websites showing the time it takes to open an account and to replace a lost or stolen card if you bank with them. The figures suggest that typically overdrafts can be provided very quickly, often on the same day, whereas lost or stolen cards take more than five days on average to replace.

Other details include how and when customers can make payments, cancel cheques, and whether 24-hour help is available.

This month, for the first time, the data also shows the frequency of IT-related shutdowns. Prior to this there had been little evidence available about the number of times bank services have been unavailable owing to security or operational incidents.

The figures cover the nine months to the end of last year, and analysis by the BBC reveals that most major High Street banks suffered more than ten shutdowns between April and December.

via BBC