{"id":39964,"title":"UK Banks Hit By Major IT Outages As Branch Closures Continue To Rise","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2025-03-02T05:30:40+00:00","modified":"2025-03-01T12:33:12+00:00","canonical_url":"https://stockmark.it/uk-banks-hit-by-major-it-outages-as-branch-closures-continue-to-rise/","markdown_url":"https://stockmark.it/uk-banks-hit-by-major-it-outages-as-branch-closures-continue-to-rise.md","json_url":"https://stockmark.it/uk-banks-hit-by-major-it-outages-as-branch-closures-continue-to-rise.json","category":"Banking","categories":["Banking","Financial","Technology"],"featured_image":"https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-2025-03-01T123237.697.jpg?fit=1200%2C800&quality=89&ssl=1","format":"news","language":"en-GB","content":"A wave of IT failures struck major UK banks on Friday, leaving thousands of customers unable to access their accounts on payday. The disruption affected customers of TSB, Nationwide, First Direct and Lloyds Banking Group, including its Lloyds, Halifax and Bank of Scotland brands.\n\nThe timing of these outages proved particularly problematic as they coincided with month-end salary payments. This marks the second consecutive month of significant banking disruptions, following January’s Barclays system failure which coincided with HMRC’s self-assessment deadline.\n\nMPs on the Treasury committee have taken notice, demanding detailed explanations from bank executives regarding these service interruptions. The committee has written to chief executives of major banks including Lloyds, NatWest, Santander, Nationwide, Barclays and HSBC, seeking comprehensive information about the outages and their remediation plans.\n\nThese technical failures come at a critical time when traditional banks are actively pursuing digital transformation strategies. The UK banking landscape has witnessed a dramatic reduction in physical branches, dropping from 10,565 in 2014 to 6,870 in 2024, according to British Banking Association data. This shift towards digital services has been partly driven by competition from digital-only challengers such as Monzo, Revolut and JP Morgan’s Chase.\n\nThe Financial Conduct Authority has implemented measures requiring banks to ensure continued access to cash services before closing branches. This has led to alternative solutions such as banking hubs and Post Office partnerships, though these measures have not fully addressed concerns about service reliability.\n\nConsumer advocacy group Which? has advised affected customers to maintain records of any financial impact caused by the outages, as they may be eligible for compensation. The banking industry body UK Finance defended its members, emphasising their substantial investments in technology infrastructure and commitment to swift problem resolution."}