Outage at TSB Will Cost the Bank Millions

It has been fascinating to watch the TSB saga unfold in the UK. The challenger back had an embarrassing outage over month ago where a botched IT update led to millions of people being locked out of their accounts. But that was just the beginning of their problems. Some customers also reported unauthorized transfers of money from their bank account. It is a cautionary tale for banks and fintech platforms everywhere. Source.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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