TSB vows to put things right
TSB now running on Proteo4UK
In its latest financial results announcement, TSB says its teams “are working around the clock” to fix the IT issues “as soon as possible”. The bank’s migration to new systems over the weekend caused chaos with online and mobile banking – for over five days customers could not bank remotely and reported multiple problems with their accounts and transactions.
The migration was a massive undertaking – five million customers and their 1.3 billion records were moved from the outsourced tech provided by Lloyds Banking Group to TSB’s new banking platform, Proteo4UK.
In addition, TSB and its parent, Spain’s banking group Sabadell, have appointed IBM as a systems integrator, “to help identify and resolve performance issues in the platform”. The IBM team will report to TSB’s CEO, Paul Pester.
“As we moved over to our new banking platform last weekend, the landing was an incredibly bumpy one for our customers, and for that I am truly sorry,” Pester says. “This is not the level of service that we pride ourselves on providing – nor is it what our customers have come to expect from TSB.
“I want to reassure our customers that the engine room of the bank is working as it should. This means that for the vast majority of our five million customers, everything is running smoothly.” However, he adds that the bank’s online and mobile banking app still “isn’t functioning as well as it should be” and acknowledges how “frustrating” this must be for TSB customers.
The bank assures that none of its customers will be left out of pocket as a result of these issues. “To begin to put this right we will be waiving all overdraft fees and interest charges for all of our retail and small business customers for April,” it says.
“As a way of saying thank you to our customers for sticking with us, we’ll be increasing the interest rate on our Classic Plus account to 5% AER,” it adds.
Pester states: “We have achieved a tremendous amount in the past four years in building TSB. We clearly have some issues we’re dealing with but we will come out the other side.
“The way we deal with every single one of our frustrated customers as quickly as possible will define TSB – both now and in ten, in 15 and in 20 years to come as we continue on our mission to bring more competition to UK banking.”
As of 31 March 2018, TSB had a total customer lending portfolio of £30.8 billion and total customer deposits of £30.6 billion.
