Change is the constant of nature. Every field is full of the challenges with changes. Our financial environment is also constantly changing with a very fast speed of rate since 2001. There are many new horrors in the financial industry from which it is passing through, like -

• compliance with government regulations.

• new technologies like - cryptocurrency, blockchain, artificial intelligence and high frequency trading etc.

• upgrading legacy systems.

• Cyber security and data breaches.

• new emerging technologies like - mobile banking, online banking and anywhere- anytime type of technologies.  

Horrors case studies of the banking software -

RBS IT failure case study -

RBS introduced CA-7 software for handling its task automation systems but it got failed because first of all, the capacity of handling the millions of user accounts was not there in the software and bank technology was struggling with the growing number of customer transactions. There were additional effects happened to RBS, because it was fined by the bank of England heavily and two years later, the data of 6,00,000 customer accounts was lost.

TSB data migration failure -

In the TSB, when all the data of users was migrated to new proteo system, because of the data and the user interface were not well tested before implementation. The additional disadvantages were non-availability of the branch banking, mobile and internet banking and customers could also see each other data.  

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