The past few days have been torrid for TSB with customers, myself included, left frustrated and angry over a botched IT migration. Mixed messages about online availability have not helped the situation either.
Thousands have been taking to social media to vent their spleen at the bank:
Thankfully as I write this today the IT troubles seem to be over but the damage to TSB’s reputation (already sorely bruised from the general UK banking crisis of recent years) may take longer to repair. Grovelling apologies both in print and via the media from Chief Exec Paul Pester, a promise that no one will be out of pocket (good luck with the tortuous process that will be), waiving of overdraft fees for the month of April, and a raising of savers interest rates will go some way to stemming the tide of criticism but time will tell what the long term impact on customer loyalty will be.
In business, as we all know, s**t happens! Often the true test is how well you manage the sweep up operation.