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Postbank problems: Customers complain about Deutsche Bank's IT change
According to a report by n-tv.de, customers of the Deutsche Bank subsidiary Postbank have increasingly reported problems using their accounts. As part of an IT change, twelve million Postbank customers have been brought together on one platform with seven million Deutsche Bank customers in Germany since last year. However, complaints from Postbank customers have increased in recent months. Seizure protection accounts and payment of construction financing were particularly affected. However, the company has reported progress in fixing the problems. The Federal Association of Consumer Organizations (VZBV) recorded over 1,100 complaints from Postbank customers in the third quarter alone. Problems such as blocked accounts, rent transfers not being carried out and delayed follow-up financing...
Postbank problems: Customers complain about Deutsche Bank's IT change
According to a report by n-tv.de, customers of the Deutsche Bank subsidiary Postbank have increasingly reported problems using their accounts. As part of an IT change, twelve million Postbank customers have been brought together on one platform with seven million Deutsche Bank customers in Germany since last year. However, complaints from Postbank customers have increased in recent months. Seizure protection accounts and payment of construction financing were particularly affected. However, the company has reported progress in fixing the problems.
The Federal Association of Consumer Organizations (VZBV) recorded over 1,100 complaints from Postbank customers in the third quarter alone. Problems such as blocked accounts, failed rental transfers and delayed follow-up financing can have serious consequences and it is doubly fatal if customers do not receive quick help. Customers report poor accessibility and many service problems. Customer service representatives give contradictory statements and say that they are not responsible or cannot do anything. The VZBV is demanding that Deutsche Bank provide quick and unbureaucratic compensation for the affected consumers as well as a written promise of full compensation for damages.
The problems have also attracted the attention of financial regulator Bafin, which has appointed a special representative for Deutsche Bank to ensure the restrictions are resolved quickly. Deutsche Bank boss Christian Sewing expects normal operations on issues such as seizure protection accounts to resume during October. Similar progress can also be expected with loan disbursements, although the fourth quarter will be needed to clear all arrears.
The impact of these issues on the market and the financial industry could be diverse. Customer trust in Deutsche Bank and its subsidiaries could be lost, which could result in a loss of customers and a decline in deposits. Deutsche Bank's reputation for technical capabilities and reliability could also be damaged. It is possible that other banks and financial institutions will learn from Deutsche Bank's IT transition problems and approach similar projects with extreme caution to avoid similar negative impacts on their customers and reputation.
Source: www.n-tv.de
Read the source article at www.n-tv.de