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Banks’ ageing IT systems buckle under strain

Igor Feitoza, a Brazilian-born entrepreneur, left an angry message on his bank’s Facebook page this week.

“I want to see if you guys will pay my overdue bills and my employees as I can’t access my money which I . . . deposited last Friday to pay them,” he wrote following a “ridiculous” three hours spent at the bank.

Mr Feitoza is not one of the many frustrated Royal Bank of Scotland customers hit by the latest technology failure this week. He is a client of Commonwealth Bank of Australia, the country’s biggest bank by market capitalisation, which had its reputation as one of the most digitally advanced lenders tarnished by an outage in its payment and online systems late last week.

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