Page 227 - Flip Banks TG

up plan such as access to branches and branch managers

then consumers need to provide one for themselves such

as, opening a second bank account, if they can afford it.

Consumers feel fundamentally insecure and dismissed by

the banks. Their resistance to internet banking is not about

failing to move with the times but rather it is about the serial

technology failures. These have been exacerbated by the

legacy systems and processes merged over decades

through mergers and acquisitions, as well as the massive
regulatory changes imposed on the banking systems.

If replacing the banks legacy systems is proving too difficult

and damaging to the business models then perhaps some

alternatives should be sought such as:

• Buy in a modern core banking platform, get it working

and once it has been properly tested connect it and

migrate the legacy systems on to it.

• Acquire one of the new banks with a state-of -the-art IT

system get it working and once it has been properly

tested connect it and migrate the legacy systems on to

it.

The key is testing!

Finally, in conjunction with the cuts in cash machine funding

the TSB fiasco has taught one thing and that is, that

sometimes you just have to visit a branch in-person.