Wells Fargo was in the news for all the wrong reasons last week as a reported fire triggered an outage where customers could not access account; the outage last more than 24 hours for some customers and had people voicing their displeasure on social media; testing for scenarios might be the bank’s biggest issue and not being able to forecast everything forces the bank to make choices; moving to a cloud based system could help to get the bank online quicker, but ultimately only so many scenarios can be tested; when an issue occurs that wasn’t tested the bank needs be transparent and figure out how best to communicate their timeframe about getting back online. Source.
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.