A compiled list of links to public failure stories related to Fintech. Most recent publications on top.
Standard Bank clients hit by outages for days, but bank says problems are over - Fin24 - May 2021.
involved: hardware issue that impacted our Mobile App, Internet Banking and ATMs
impact: outage. downtime prevented customers from using the app, internet banking, ATM, and receiving one-time-passwords
Technology is indeed fallible. It does not always work as intended. Parts break, codes get old, and updates often have unintended consequences. As a business and as users of technology, we all make allowances for this. However, I feel that in this instance, our customers' patience has been tested," he said." - Standard Bank CEO Lungisa Fuzile
Digital outage hits HDFC Bank customers again - The Times of India - March 2021
involved: loss of connection to data centres
impact: outage. internet banking and mobile banking.
Robinhood Outage - Robinhood Blog - March 2020.
involved: stress on our infrastructure, unprecedented load, “thundering herd” effect, failure of DNS system.
impact: outage.
Technical glitch delays trading at London Stock Exchange - August 2019.
involved: “technical software issue”
impact: outage. Delayed opening the trading of the FTSE 100 and 250 indices by almost two hours on 16 August. An LSE spokesperson as said “there is an issue which is affecting trading in certain securities”. The Guardian states that the technical glitch caused LSE’s worst outage for eight years.
- UK Banks must report online banking glitches to the FCA if they meet certain criteria. These include incidents that, at the lower impact level, affect more than 10% of the payment service provider’s regular level of transactions, or 25% at the higher impact level.
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