Barclays, Lloyds Banking Group Reported Most IT Incidents in 2018

In a push for more transparency in the financial sector, UK banks have begun publishing the number of operational and security incidents that have occurred, under a voluntary scheme overseen by the UK Financial Conduct Authority (FCA). Banks were urged by the regulator to show evidence of the quality of service they provide, in an effort to make it easier for customers to compare banks and switch accounts. The results, which include IT performance data for the first time this month, show that customers suffered dozens of banking app and website outages in 2018. The figures cover the nine months to the end of last year and show that “most major high street banks suffered more than ten shutdowns between April and December,” according to the BBC. The highest number of incidents was reported by Barclays, with 41 over the nine months. Lloyds Bank came in second with 37 recorded incidents, while brands in the Lloyds Banking Group jointly had 31. These rankings roughly correspond to the banks’ market share, and may be accounted for by their sheer number of customers and the size and complexity of their digital estates.