6 January, AtoZForex.com, Lagos – HSBC, Britain’s largest bank reported on Monday that the bank was experiencing difficulties in its online banking platform. The HSBC technology issues persisted on Tuesday, however, to a lesser degree as the bank’s service was steadily being restored after the Monday’s blackout.
In a statement clarifying the issue and apologizing for the inconvenient, a spokes person for the bank said:
“We are currently experiencing issues with our online and mobile banking. Personal mobile banking is working but due to high demand customers may experience delays. We apologize for any inconvenience this may have caused and our teams continue to work non-stop to restore all services. Regular updates will be provided.
“We will ensure customers do not lose out as a result of this issue.
Britain’s retail banking and technology failures
Like the HSBC technology issues, such failures have become a fairly regular occurrence in Britain’s retail banking sector in recent years, causing mass inconvenient to customers. This has led to lawmakers to call for more investment in financial technology. Andrew Tyrie, a conservative lawmaker said in a statement regarding this issue that:
“The frequency of these failures across the financial services sector suggests a systemic weakness in IT infrastructure. This is concerning,”
“I will be asking the Chief Executive of HSBC, and the regulators, for an explanation of these failures, and action taken to sort them out. They just keep coming.”
No cyber attack
Speaking of HSBC’s issues, the bank did not specifically state the cause of the outage, however, John Hackett, HSBC’s UK Chief Operating Officer clarified that the issue was not as a result of a cyber-attack or any other malicious act, such as a Distributed Denial of Service (DDOS), a system often applied by cyber criminals trying to disrupt businesses and companies with significant online activities. “We will ensure customers do not lose out as a result of this issue. Any fees customers incur as a result of this outage will be waived,” Hackett said.
Last year, the bank also experienced a similar technological glitch when thousands of Britons failed to receive their wages on the Friday prior to a long holiday weekend, due to the fact that some business customers were blocked from making payments.
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