IT conversion at Postbank: the number of complaints has risen sharply again

IT conversion at Postbank: the number of complaints has risen sharply again

According to a report from heise.de, the problems with Postbank's IT conversion are still present. Consumer advice centers have noticed a sharp increase in complaints in recent months. Between January and September, 1,700 complaints were received about Postbank and DSL Bank, which is more than three times as many complaints as in the entire previous year. Most complaints were filed in the third quarter. Both banks are subsidiaries of Deutsche Bank, but the problems at Postbank in particular have attracted considerable attention. However, Deutsche Bank assured last week that it was making good progress in resolving the problems.

The difficulties arose when merging the data of 12 million Postbank customers with that of seven million Deutsche Bank customers on a common IT platform. The process was completed in July with the fourth wave of the move. According to Postbank, around 19 million product contracts were transferred from around 12 million Postbank customers. Most services were unavailable during this time and branches could only conduct postal business. There were problems particularly with seizure protection accounts; at DSL Bank, payment of construction financing was impaired. There were also reports of those affected not being able to access their accounts.

The consumer advice centers received complaints about poor accessibility and many service problems. Those affected reported contradictory statements from customer service and that they claimed not to be responsible or unable to do anything. The chairwoman of the VZBV, Ramona Pop, criticized Deutsche Bank for not having adequately trained customer service staff. She called on the company to compensate those affected quickly and unbureaucratically and to guarantee them written compensation for their damages.

The problems are now so serious that even the federal government is getting involved. The Federal Ministry of Finance wants to work together with the federal government to address the grievances that have occurred this year. The Minister for Consumer Protection, Steffi Lemke, called for quick help for those affected. The Federal Financial Supervisory Authority (BaFin) has already appointed a special representative to oversee the elimination of the problems. The head of BaFin, Mark Branson, criticized the situation as “unacceptable and extraordinary”.

The problems with Postbank's IT conversion are leading to massive complaints from consumers. Between January and September, consumer advice centers received over 1,700 complaints about the financial institution and DSL Bank, which is more than three times as many complaints as in the entire previous year. In the third quarter in particular, there were over 1,100 complaints. Postbank and DSL Bank are subsidiaries of Deutsche Bank, and the problems at Postbank in particular are attracting considerable attention. Deutsche Bank says it is handling the problems well.

The problems arose when the data of 12 million Postbank customers was merged with that of seven million Deutsche Bank customers on a common IT platform. In total, around 19 million product contracts were transferred from 12 million Postbank customers. During this time, most services were unavailable and branches only conducted postal business. Problems primarily occurred with seizure protection accounts, and at DSL Bank, payment of construction financing was impaired. There were also reports of those affected not being able to access their accounts.

The consumer advice centers received complaints about poor accessibility and many service problems. Those affected reported contradictory statements from customer service, who stated that they were not responsible or could not do anything. VZBV boss Ramona Pop criticized Deutsche Bank for not organizing enough trained customer service staff for the project. She demanded that Deutsche Bank compensate those affected quickly and unbureaucratically and provide a written promise that the damages will be fully compensated.

The problems are so serious that even the federal government is dealing with them. The Federal Ministry of Finance and the Minister responsible for consumer protection, Steffi Lemke, want to take care of the grievances and help those affected as quickly as possible. The Federal Financial Supervisory Authority (BaFin) has also appointed a special representative to oversee the elimination of the problems. Bafin boss Mark Branson is pushing for a quick solution and criticizes the situation as “unacceptable and extraordinary”.

This information shows that Postbank's IT transition has a significant impact on consumers and the financial market. The massive complaints and government interference could weaken consumer trust in Deutsche Bank and the entire financial market. Financial professionals should use this information to analyze the impact on affected banks' stock prices and develop appropriate trading strategies. It might be worth betting on a drop in stock prices, especially if the problems can't be resolved quickly.