RBS admit they haven't invested in IT systems for decades
With the regularity of IT failures, many wondered what RBS Group's problem was. Where they being hacked? Was it just bad luck? According to Royal Bank of Scotland boss Ross McEwan, turns out it was the fact that the company had failed to invest properly in systems for decades, which resulted in everyone being locked out of their accounts yesterday.
McEwan said: "Last night's systems failure was unacceptable. Yesterday was a busy shopping day and far too many of our customers were let down, unable to make purchases and withdraw cash."
"For decades, RBS failed to invest properly in its systems. We need to put our customers' needs at the centre of all we do. It will take time, but we are investing heavily in building IT systems our customers can rely on."
"I'm sorry for the inconvenience we caused our customers. We know we have to do better. I will be outlining plans in the New Year for making RBS the bank that our customers and the UK need it to be. This will include an outline of where we intend to invest for the future."
Systems have now returned to normal. However, the group still don't know what caused the glitch so it might be worth drawing out £50 and sticking it in a drawer in case this happens again.