State-backed Royal Bank of Scotland (RBS) is planning to invest around £150m a year to improve the resilience of its IT systems after a recent technical glitch delayed nearly 600,000 transactions.
The technical glitch on 17 June 2015 impacted credits and direct debits and is said to also include tax credits and disability living allowance payments.
"I’d love to say we will never have a technical failing again. If you find somebody that tells you that I’ll tell you you’ve found a liar," RBS chief administration officer Simon McNamara was quoted as saying by Reuters.
"Technology will on occasion fail. If and when that occurs, we need to ensure we can mask the impact on customers and recover as quickly and effectively as possible. It is important that it is handled well and competently," McNamara added.
In 2014, the bank was fined £56m million by British financial regulators for a system breakdown in 2012 affected 6.5 million clients. Following which, RBS committed to invest £750m by the end of 2015 to fortify its computer systems.