Cash vital amid bank IT failures
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nnBanks suffer five IT failures every week, shutting millions of customers out of their accounts, a new report reveals.
With mass closures of branches on our high streets, banks are increasingly encouraging customers to move online.
But in the past year, the main UK banks had 265 IT shutdowns that stopped customers from making payments, analysis by Which? found.
These involved 133 incidents of internet banking hitches, 111 mobile banking failures and 90 telephone banking outages.
A glitch often occurs on more than one of these systems at the same time, but is counted by the Financial Conduct Authority as a single incident. Some single incidents may have affected customers at more than one bank.
The study found RBS and Santander customers endured most IT glitches last year – with 18 failures at both banks. They were followed by Barclays (17), Tesco Bank (16) and First Direct (15).
At the other end of the scale, Starling Bank and M&S Bank both went a year without a single mishap.
Gareth Shaw, head of money at Which?, said: “These findings show the industry is failing to get to grips with frequent banking glitches, which can cause real stress for millions of people. “Consumers have made it clear that cash is a vital back-up when digital systems fail – so the next government should urgently introduce legislation to protect cash.”