Why TSB's technology debacle should be a wake-up call for wealth managers

Investing in new systems crucial

TSB's customers have learnt the hard way just how damaging it can be for any business to delay investing in its own technology.

The well-documented, ongoing troubles for the bank have left some without access to their finances for three weeks and caused a wave of anger among loyal customers, who may consider walking away from the bank for good. TSB's tale of sorrows is far from over. Compensation will have to be paid to customers, the bank's earned interest has been suspended and will impact its revenues, and to top it off, the regulator has announced an investigation into the bank over the whole affair. While wealth managers might feel somewhat removed from the travails of yet another bank debacle, it is far ...