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RBS and Lloyd’s £5.5 billion investment in digital must avoid TSB nightmare
Big banks are ramping up investment in digital services, as RBS announces a £ 2.5 billion investment and Lloyd’s announces an investment of £ 3 billion.
However, with TSB still reeling from its IT meltdown, banks must understand the complexities of their existing infrastructure, before they can transition to a more modern IT system, warns Nick Hammond, Lead Advisor for Financial Services at World Wide Technology.
Nick comments: “The approach to ‘going digital’ requires a step back to understand the sheer complexity of many modern banking IT systems, and the difficulty involved in changing them.
“Existing IT systems at older banks have grown into outdated, legacy infrastructures over years of successive development and acquisitions, with a convoluted web of interdependencies. Often the people who first set up these infrastructures have moved on from the company, leaving their successors with a complex, opaque network of applications which depend on each other in unseen ways, with no complete picture of how the system works.
“Before any change project can be implemented, banks must take the time to map out the existing systems and understand the interdependencies within the applications. To be able to adopt technology in a future-proof way, financial services firms need a bespoke strategy that accounts for every connection within the system before implementing change policies accordingly.”
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CLS Appoints Six New Board Directors
CLS, a financial market infrastructure group delivering settlement, processing and data solutions, today announces the appointment of six new members to its Board of Directors at the CLS Annual General Meeting held on 9 June 2026.
Mobey Forum Calls for a Collaborative Approach to Fraud Prevention in Rethinking Fraud in a Connected World
Mobey Forum’s Fraud Expert Group has published a new report, Rethinking Fraud in a Connected World: Trust, Collaboration, and Resilience in the Digital Ecosystem, exploring how fraud is evolving beyond traditional banking threats and why stronger collaboration across industries is becoming essential.
SumUp Launches in Canada
SumUp, the global financial technology company, today announced its official launch in Canada. The milestone makes Canada SumUp's 38th market and its latest step in building out its presence across the Americas, as the company continues its mission to make commerce simpler and more accessible for all businesses worldwide.
European Fintech Association Elects New Board of Directors
The European FinTech Association (EFA) today announced the election of its new Board of Directors, bringing together senior leaders from across Europe's fintech ecosystem to guide the Association's work over the coming term.
G+D: Navigating the Future of Fintech Agility and Innovation
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Connect IFA Strengthens Leadership Team to Drive Growth and Enhance Adviser Support
Connect IFA Ltd is pleased to announce key leadership appointments designed to strengthen its commitment to growth and enhance the support it provides to advisers and network members.
FreeAgent Launches New AI Tool for Landlords to Capture Rental Statements
FreeAgent, the innovative accounting technology company, has launched a new feature into its landlord software, enabling landlords and accountants to harness artificial intelligence to input and reconcile data from letting agent rental statements.