Lloyds TSB tech failures show lack of investment in IT throughout industry

Tech failures reflect industry’s lack of back-office investment

piggy-bank-and-laptop

Recent IT failures at financial institutions reflect a lack of investment in technical infrastructure throughout the financial services industry, says Bradley Wood, partner at capital markets consultancy GreySpark Partners. Lloyds TSB announced at the start of the year that as many as 200,000 customers on New Year’s Eve in the UK might have paid twice in transactions using chip and pin units supplied by the bank. In November last year, National Australia Bank announced that payments thr