Cáit Caden: App blunder should be wake-up call for banks

Bank of Ireland has taken on a huge influx of customers following the exit of Ulster Bank and KBC 

Irish banks’ technology is still fragile, as evident from the fiasco witnessed on Tuesday night where a fault with Bank of Ireland’s mobile app led to swarms of people rushing to ATMs to take out money they didn't have.

Almost a decade ago, the banking regulator hit Ulster Bank with a record fine of €3.5m for IT failures in 2012 which left 600,000 customers without essential banking services for nearly a month.

Fast forward to this week and Irish banks’ technology is still fragile, as evident from the fiasco witnessed on Tuesday night where a fault with Bank of Ireland’s mobile app led to swarms of people rushing to ATMs to take out money they didn’t have.