RBS chief Ross McEwan has admitted that the bank has failed to invest properly in its IT system for decades after customers were left unable to access their money or pay for goods on Cyber Monday.
@NatWest_Help I don't think so guys. Mobile app works the internet does NOT!- Paul Sharman (@PaulSharman2) December 3, 2013
@NatWest_Help I don't think so guys. Mobile app works the internet does NOT!
@davidschneider @HuffPostUKCom It's a don't do anything rash point.- A Kelly (@AidanKelly4) December 3, 2013
@davidschneider @HuffPostUKCom It's a don't do anything rash point.
I think it is unlikely that the spokesperson said that they were spending £2m per year improving their IT systems as that is a drop in the ocean for a bank the size of RBS. If it is correct then no wonder that their systems aren't getting any better!
I hope that the odd balls who have been calling for the displacement of cash are RBS customers and saw for themselves what their brave new world of electronic-only payments means
Nice argument - shame most people get cash "electronically" from ATM's - which still need to be authorised.
Your "counter" argument will be the use of tellers which might be valid if their Bank hasn't decided on a strategy to reduce teller staff or even in opening hours.
I've just listened back to the Radio 4 Today interview. She does say £2m a year. From about 1 hour 10 minutes in here: http://www.bbc.co.uk/programmes/b03jz82b
This is not a cash versus electronic payment argument as most cash is obtained electronically, it is a problem of having a single point of failure - a card. If you had more than one card in your wallet, you would be inconvenienced but not incapable of paying.
So, if the new electronic wallets are trying to get us to put all our card details in a single place they are introducing a potential single point of failure. I will always retain multiple methods of payment, whether it be cash or card.
in short - always have a backup!
The GBP 2M figure should attract a fine - er, award - as the most ridiculous budget line item of the year. Anyway, should RBS need a hug or otherwise deflect the blame for underinvesting in IT, it needn't look any further:
6 Reasons Why Banks Can't Transform Legacy Applications
Circa £100k Basic and £200k Uncapped OTECity of London with EMEA Travel
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