Recent IT glitches at banks aren’t likely to slow down in 2013, due to the increasingly complicated business software the finance industry are using, reports the BBC.
Already this year we’ve seen technology failures in the finance industry, with delays in payments from the UK’s Fast Payments scheme, duplication of charges at PayPal and a system problem at the US stock exchange that affected over 400,000 trades.
In 2012 a software upgrade disrupted millions of customer accounts at NatWest, RBS and UlsterBank. Lev Lesokhin, strategy chief at the software analysis firm Cast, attributes the problems to new functionality being continually added to the existing programmes.
‘Modern computer systems are so complicated you would need to perform more tests than there are stars in the sky to be 100% sure there were no problems in the system.
‘Business software is becoming increasingly complex, composed of sub-systems written in different programming languages, on different machines by disparate teams.’
Technical debt, the build-up of dead code or problems in programming as corners are cut, need to be tackled by committing resources to addressing the problems.
The face of banking is changing as they need to adapt to an ever more technologically reliant world; IT and operational staff are likely to become an important growth area in an otherwise shrinking industry.
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