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TSB Banking Group is holding back the full roll-out of its new core banking platform because it does not want the customer release to coincide with an expected interest rate increase in November.
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But the platform, known as Proteo4UK, will still be rolled out to the bank’s staff in November with a full range of banking services.
Customers are already using elements of the platform, but the bank has decided to delay the full roll-out to avoid potential confusion at the time of the expected interest rate rise, which would be the first for a decade.
TSB CEO Paul Pester said more than 2,500 man-years of effort by TSB and its owner, Sabadell, had gone into the bank’s migration to the new core platform.
“The new platform is already being used to support a number of our core services and customers are starting to see the benefits through our new TSB banking app,” he said.
“We have achieved a significant number of milestones already, but we have decided to re-plan the roll-out of the new platform, scheduled for November, into the first quarter of 2018. This means we will be able to focus 100% on helping our customers understand the implications of the widely anticipated base rate rise on 2 November 2017.”
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- TSB is investing £250m in its digital services and branches to support its belief that customers should not have to choose between the two.
When Sabadell acquired TSB for £1.7bn in 2015, it announced its intention to migrate the bank to its own proprietary Proteo in-house IT platform. It said this would cut costs by £160m a year, and offer an opportunity to build services. TSB uses a version of Proteo known as Proteo4UK.
The Proteo IT platform will enable the bank to make regular product and service releases. Pester added: “The new platform will enable TSB to redouble its efforts to bring more competition to UK banking, in both the retail and SME banking markets.”