Kristin R. MoyerNormally we don’t write on news bits. But this one really caught my eye: “An Inconvenient Glitch for TD Customers, Reputation.” Inconvenient? What a nightmare – for the CIO, CEO, Board…but especially customers. Last month my husband got really upset with himself because he forgot to hit the “make payment” button after reviewing his credit card statement. We got a nice e-mail after the fact (“did you forget to make your payment”), but the damage was done. At least that was our own fault.
This is a core banking migration gone really, really bad. TD Bank is probably lucky this hasn’t caused a bank run. Last fall in Hong Kong, someone saw people queuing up outside a bank. They thought they were queuing to get money out and this caused a run on the bank. In fact, the people were queuing for a bus – but it didn’t stop a nasty flight of capital.
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Category: operations Tags: core banking
