TSB preps new banking platform for Q1 roll-out
Written by Chris Lemmon
TSB is set to launch its new state-of-the-art banking platform, designed and built with new owner Sabadell, and aimed at enabling a more seamless banking experience for customers.
The bank said in its latest trading update that it has passed many significant milestones and the platform is already being used to support a number of its key services. TSB customers are already benefiting from the bank’s new mobile app, which was the first in Europe to integrate iris scanning security features.
The digital platform, which replaces the previous system provided by former parent company Lloyds Banking Group (LBG), was initially due to be rolled out next month, but the bank has rescheduled the launch for Q1 2018. According to the bank, this will enable it to focus on communicating the effects of the November base rate rise to its five million customers.
The new platform is expected to reduce TSB’s costs considerably, with the increase in LBG outsourcing costs seen this year reversed in future years. TSB will also be among the first institutions to use Apple’s new facial recognition technology to enable customers to log in to the account.
The bank noted: “We remain confident that we have the strategy in place to remain an attractive long-term home for customers – and one that is distinct from other banks on the High Street. However, the re-planning of the roll-out will have an impact on our profitability in 2018.”