TSB Banking Group is holding back the full roll-out of its new core banking platform because it does not want the customer release to coincide with an expected interest rate increase in November.
By submitting your personal information, you agree that TechTarget and its partners may contact you regarding relevant content, products and special offers.
But the platform, known as Proteo4UK, will still be rolled out to the bank’s staff in November with a full range of banking services.
Customers are already using elements of the platform, but the bank has decided to delay the full roll-out to avoid potential confusion at the time of the expected interest rate rise, which would be the first for a decade.
TSB CEO Paul Pester said more than 2,500 man-years of effort by TSB and its owner, Sabadell, had gone into the bank’s migration to the new core platform.
“The new platform is already being used to support a number of our core services and customers are starting to see the benefits through our new TSB banking app,” he said.
“We have achieved a significant number of milestones already, but we have decided to re-plan the roll-out of the new platform, scheduled for November, into the first quarter of 2018. This means we will be able to focus 100% on helping our customers understand the implications of the widely anticipated base rate rise on 2 November 2017.”
When Sabadell acquired TSB for £1.7bn in 2015, it announced its intention to migrate the bank to its own proprietary Proteo in-house IT platform. It said this would cut costs by £160m a year, and offer an opportunity to build services. TSB uses a version of Proteo known as Proteo4UK.
The Proteo IT platform will enable the bank to make regular product and service releases. Pester added: “The new platform will enable TSB to redouble its efforts to bring more competition to UK banking, in both the retail and SME banking markets.”