The Bankwatch

Tracking the consumer evolution of financial services

Northern Rock debacle takes a new twist | incompetent IT capability precluded orderly wind down

This piece comes as no surprise to me at all.  Its hardly the test you would use given you hope it never happens, but how would your bank answer the question “how quickly and accurately could you get your depositors money back to them?”

Northern Rock saved by "inadequate" IT | Finextra

The firm operated a manual account closure process and estimated that it would have taken up to 10 to 12 weeks to repay depositors, with a likely error rate of 25%.

Written by Colin Henderson

March 23, 2009 at 12:34

Posted in Uncategorized

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