The UK's TSB has taken a further £36 million charge related to last year's botched IT upgrade, adding to the £330 million it shelled out to cover the catastrophic bungle last year.
TSB is to enable new customers to open an account using a selfie, without the need to visit a branch.
London-based fintech unicorn Revolut has hired TSB and HSBC veteran Richard Davies as chief operating officer, according to the Financial Times.
Santander has the most intuitive savings account and ranks fastest for account opening time when compared with nine other leading UK banks, according to Worship’s inaugural Savings Account Audit.
In the wake of last year's IT fiasco, UK bank TSB continues its management overhaul, bringing in industry veterans Robin Bulloch as customer banking director and Suresh Viswanathan as chief operating officer.
TSB has become the first UK bank to pledge to refund customers who fall victim to fraudsters, including authorised push payments scams.
TSB is discontinuing its contract with Banco Sabadell tech subisidiary Sabis in order to bring its IT responsibilities back inhouse following the badly botched migration to the Spanish bank's platform last year.
Open Banking outfit Bud has raised $20 million with the support of Goldman Sachs, HSBC, ANZ, Banco Sabadell and Investec, as well as Lord Fink, the former chief executive of hedge fund Man Group, and 9Yards Capital.
The UK's TSB racked up 105.4 million in pre-tax losses for 2018 as it paid the price for a chaotic IT meltdown which locked customers out of their accounts for several weeks.
UK consumers' association Which? has hit out at much of the banking industry for failing to protect online customers with two-factor authentication (2FA).
© Finextra Research 2019