UK banking data reveals eruption of disruption
The extent of banking incidents in the UK in 2018 revealed dozens of digital outages thanks to newly published data.
The UK’s Financial Conduct Authority (FCA) has published its list of mandated and voluntary information on current account services.
This follows action by the FCA and the Competition and Markets Authority (CMA), and also a voluntary commitment made by banks and building societies, to explain any incidents – and services they offer consumers and small businesses.
Barclays reported the most incidents – with 41 in the nine months between 1 April 2018 and 31 December 2018.
If you break those figures down – one incident affected mobile, while 15 affected internet banking. (They can of course overlap.)
In very unfortunate timing, today (28 February), Barclays said on Twitter that its mobile app was having problems. (TSB was also hit by internet and mobile issues today.)
In fact, the number of banking outages are so frequent in the UK, FinTech Futures has stopped publishing a story for each one. There are simply too many. Unless an issue escalates or drags on, we merely tweet the bad news.
By way of comparison for that same period in 2018, Lloyds said it had 37 incidents, while RBS had 21.
Some did better. TSB says it had three and Starling had zero – so well done to the challenger.
This information from the FCA is also to help others such as comparison services and the media (thanks for that) to compare current accounts.
You can see the full list here at the FCA website.