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.
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