Customers punish TSB for IT fiasco by ranking it worst
CRISIS- HIT TSB has been named the least favourite lender after an IT fiasco which locked 1.9million customers out of their accounts.
The dismal result – revealed in a closely watched league table complied by consumer group Which? – marks a massive fall from grace for the bank.
TSB once prided itself on being better than traditional High Street players. But after the botched computer upgrade, it now ranks even worse than bailed out Royal Bank of Scotland and other lenders responsible for causing the financial crisis.
TSB was given a satisfaction score of only 58 per cent, making it joint bottom with the Bank of Ireland. In February before disaster struck, TSB was fourth in the same survey.
More than half of the bank’s customers told Which? they had been affected by the huge IT failure when the Spanish-owned lender switched to a new computer system. The meltdown was followed by an unprecedented wave of fraud as scammers took advantage of frantic families unable to access their money.
It led to the ousting of disgraced chief executive Paul Pester, who had previously bragged about how his lender was different to traditional players with more transparent fees and better customer service.
Gareth Shaw, of Which?, said: ‘ TSB’s slump suggests that customers felt outraged to have endured the prolonged IT issues that left millions locked out of their accounts.’