banks use outdated core systems

Banks aren’t spending enough on IT

As the news broke before Christmas of yet another banking systems failure, which prevented customers from accessing their money and paying for goods, so did the argument that the main reason behind this proliferation of banking tech disasters is years of severe underinvestment in IT.

RBS boss Ross McKewan came out and said that the problems they have been experiencing have been down to underinvestment in underlying technology, which they are now trying to turn around. They know that these issues are seriously inconveniencing their customers, who will go elsewhere if they don’t get a better service.

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