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.
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Yes, you are reading this correctly. The Credit Union movement have shown trillion dollar businesses how it’s done. For the fourth year in row Credit Unions have come out on top in the Customer Experience awards. So while bank branches are being shut and the whole world scrambles to get on line and cut costs by reducing the number of touch points for their customers, the community finance specialists demonstrate how the personal touch still wins out.
Many thanks to all those who came to visit our stand and sat in our Blockchain Demystified session at the World Congress of Credit Unions in Singapore.
The sense of comradery was empowering with a clear sense of common purpose with financial inclusion at it’s core.
I have, of late, given a few talks on blockchain technology and the overwhelming response when presented with the ‘B’ word is either one of confusion mixed with unqualified and uninformed excitement or deep scepticism and suspicion.
Never before has a technology divided people to this extent.