Nine banks in the UK had many technology problems over the last two years. They had at least 803 hours of outages, which is about 33 days. This information came from a report by a group of MPs.
The banks included Barclays, HSBC, Lloyds, Nationwide, Santander, NatWest, Danske Bank, Bank of Ireland, and Allied Irish Bank. These banks had to give the data to the Treasury Committee because they wanted to know how these problems affected customers.
Some outages happened on payday, making it hard for people to pay their workers or bills. For example, Barclays might have to pay £12.5 million in compensation for these outages.
Dame Meg Hillier, the chair of the committee, said losing banking services on payday can be very scary for families. People depend on their banks for money.
Recently, many Santander customers reported problems using the bank’s app and services.
Barclays has promised to help customers affected by outages and is sorry for the trouble caused. They want to fix these issues to maintain customer trust.
Vocabulary List:
- Outages /ˈaʊ.tɪdʒɪz/ (noun): Periods when a service is not available or functioning.
- Compensation /ˌkɒm.pənˈseɪ.ʃən/ (noun): Something typically money awarded to someone in recognition of loss or suffering.
- Affect /əˈfekt/ (verb): To have an influence on or make a change to.
- Depend /dɪˈpɛnd/ (verb): To rely on someone or something.
- Promise /ˈprɒmɪs/ (verb): To assure someone that one will definitely do give or arrange something.
- Maintain /meɪnˈteɪn/ (verb): To keep in an existing state or condition.
How much do you know?
Which of the following banks was NOT mentioned as having technology problems in the UK?
Approximately how many days of outages did the nine banks experience due to technology problems?
Which bank might have to pay £12.5 million in compensation for the technology outages?
Who is mentioned as the chair of the Treasury Committee in the text?
Which bank recently had many customers reporting problems with its app and services?
Which bank promised to help customers affected by the outages and expressed regret for the trouble caused?
The technology problems faced by the UK banks were due to a lack of funding for IT infrastructure.
Barclays is sorry for the trouble caused by the outages and has no intention of helping affected customers.
People depend on their banks primarily for entertainment purposes according to Dame Meg Hillier.
Outages affecting banks happened only on regular working days and not specifically on payday.
Santander customers have not reported any issues with the bank's app and services recently.
Allied Irish Bank was not one of the nine banks facing technology problems in the UK.
The nine banks in the UK had at least 803 hours of outages over the last two years, which is about days.
Barclays might have to pay £12.5 million in compensation for the outages affecting customers. This compensation is a consequence of the problems faced within the last years.
Dame Meg Hillier, the chair of the committee, mentioned that losing banking services on payday can be very for families.
Barclays has promised to help customers affected by the outages and is determined to maintain customer trust despite the caused.
People often depend on their banks for managing matters and depend on the services for their financial stability.
The Treasury Committee wanted to understand how the technology problems affecting the nine banks had a negative impact on .
