It is against the backdrop of a very sobering statistic relating to 600 technology outages between September 2018 and October 2018 that the FCA declared that enough was enough.
It wasn’t just the big banks either, with their patchwork quilt of legacy systems held together by slender threads, some customers of the ‘challenger’ banks could not access their accounts while abroad last August.
In a brave move the Financial Conduct Authority in the UK finally declared that there would be a link between bankers bonuses and IT performance.
Here’s what they said:
“We expect banks’ policies on variable remuneration to reflect operational resilience. They have to – if they don’t, we will act.”
Whilst this is a welcome move I would argue that this needs to be taken one step further.
Why not go the whole hog and link it to customer experience and the ensuing satisfaction ratings?
I can’t help thinking that the whole host of Distributed Ledger Technologies coming on stream over the past 3 years with their ‘always on’ functionality could help with both system resilience and an improved customer experience.
Thanks Computer Weekly for flagging this opportunity for quality driven Fintec providers