This Monday, scandal-ridden Royal Bank of Scotland (RBS) was in the news again. Their computer systems crashed, taking with them the balance on thousands of debit cards. This left irate customers unable to pay for anything with their RBS cards on “Cyber Monday,” which was expected to be a major Christmas shopping day.
The interesting part is not that this happens – even the best-run banks can’t guarantee 100% uptime. The interesting part is that the new CEO had to admit that:
- RBS had under-invested in IT for decades
- He couldn’t make any credible promises that it won’t happen again soon
RBS shares took a 12% hit, but recovered after computers were back up and running. RBS customers are less forgiving and are leaving the RBS is droves.
But you are not running any poorly documented legacy systems on outdated technology, are you?