Lloyds TSB tech failures show lack of investment in IT throughout industry
Experts say IT departments either lack funding or are being 'offshored' as costs are cut
Recent IT failures at financial institutions reflect a lack of investment in technical infrastructure throughout the financial services industry, says Bradley Wood, partner at capital markets consultancy GreySpark Partners.
Lloyds TSB announced at the start of the year that as many as 200,000 customers on New Year’s Eve in the UK might have paid twice in transactions using chip and pin units supplied by the bank. In November last year, National Australia Bank announced that payments through its
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