Page 226 - Flip Banks TG

Summary

Part of banking’s problem is one of perception. In the eyes

of the general public it seems that most of the global

financial problems stem from the greed and dishonesty and
downright criminal activity of senior banking management.

Yet, few examples exist of these senior managers being
brought to book. More often than not, these managers, if

they lose their jobs, receive large pay-outs and pensions for

their efforts. There appears to be no relationship between

performance and reward, crime and punishment.

Few of banking’s senior management fall on their swords.

One exception may be Paul Pester who, unlike other

banking CEOs, did not perpetrate any form of fraud but

rather displayed poor judgement and planning over the

failed IT implementation in April 2018, when he resigned his

post.

When mobile apps fail and IT systems crash and call centre

lines are engaged where do customers turn? September

2018 saw further TSB internet banking failures but tellingly

TSB were joined in this respect by RBS, Nat West, Ulster

Bank and HSBC. Perhaps branch closures based on cost
benefit analysis is not the strategy for high street banks to

be going before their IT platforms are robust enough to

guarantee adequate customer service.

Millions of customers rely on online banking and if problems

arise it appears that the banks will not provide a viable back-