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FCA Reports 300% Year-on-Year Increase in IT Failures at Financial Firms

Following the Financial Conduct Authority’s recent report, which reveals there has been a 300% year-on-year increase in IT failures at financial firms, New Relic has released an expert comment on the issue.  New Relic helps international businesses, such as banks, to provide their customers with an enhanced digital experience.

Mike Riley, New Relic’s Senior Director UK and Northern Europe offered the following comment;

“The Financial Conduct Authority’s latest report reveals that there has been a 300% year-on-year increase in IT failures at financial firms. According to the data, the number of incidents reported to the regulator had increased to 916 between 2018-19, a significant increase from 229 the year before. The scale and severity of banks’ IT problems in the UK is clear from the results, as is the fact that banks, and other UK businesses, are still struggling to keep pace with changing consumer demand.

In many cases, issues with apps and online services have even been spotted and flagged by the customer before the bank is aware of the problem

Consumers have increasingly come to expect digital alternatives to their products and services, and banks – as well as other UK businesses – simply must do more to intelligently predict, alert, and resolve IT issues quickly as they continue to adopt new technologies. In many cases, issues with apps and online services have even been spotted and flagged by the customer before the bank is aware of the problem, leading to customer mistrust in the bank itself. In today’s digital age, a slow digital app is tantamount to bad customer service and customers will look elsewhere if a bank’s online presence is not up to scratch.

When running a digital service or platform, as most financial services firms and mortgage lenders now do, it is vital that businesses have solid technologies in place that accurately observe, alert, and resolve any system vulnerabilities, faster. In order to drive exceptional customer service, banks must invest in modernising their digital  presence or risk permanently damaging their reputation in the long run.”

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