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Banks need to start thinking of themselves as IT companies

Tweeted by phickey "Banks, IT, management in a nutshell" on an article in the Register that quotes David Chan of City University London as saying "RBS must realise it's just an IT biz with a banking licence" (link)

A quote from the Reg article below...

"It was IT that tripped up financial institutions this summer"

"A high-profile system crash left 17 million customers of Royal Bank of Scotland (RBS), including its Natwest and Ulster Bank components, without access to their money for a week in July - three weeks in some cases. Two debit card-related screw-ups happened last week at building society Nationwide and at RBS-owned Natwest."

"People do make mistakes but the processes that were in place and the expertise in place had been diluted."