Wells Fargo customers are skeptical about the reason why they were unable to access accounts; the bank said there was a power shutdown at one of their facilities due to smoke found during routine maintenance; customer took to Twitter to wonder how smoke at one facility could caused the level of outages experienced; the bank was keen to mention it was not a cybersecurity event and that services were being restored; this is not the first time a technical issue caused problems for the bank, a past glitch caused hundreds of customers into foreclosure; as banks compete with more nimble digital challengers tech issues need to be addressed transparently or banks risk losing market share. 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.