Postbank and DSL Bank with ongoing IT problems: Financial experts warn of massive damage.

Postbank and DSL Bank with ongoing IT problems: Financial experts warn of massive damage.

According to a report by Merkur.de, Postbank and DSL Bank are struggling with ongoing IT problems, leading to massive complaints from customers. In the third quarter of 2023 alone, the Federal Association of Consumer Organizations (vzbv) received 1,100 complaints about the two banks. There have been around 1,700 complaints since the beginning of the year, which is almost three times as many complaints as in the entire previous year. The banks are subsidiaries of Deutsche Bank and had IT problems in the first half of 2023 when moving their systems to the parent company. This resulted in customers temporarily being unable to access their accounts, accounts being blocked or direct debits no longer being honored. At the same time, customer service was difficult to reach and customers received contradictory statements. The head of the banking supervisory authority Bafin also spoke of “profound disruptions” and called on the banks to solve the problems quickly.

These ongoing IT issues and poor customer service can have a massive impact on the market and consumers. Customers could lose trust in the affected banks and choose other providers instead. This could lead to a significant loss of customers and a bad reputation for the banks. The costs of fixing the IT problems and repairing the damage to affected customers could be significant and hit banks' profits. Additionally, regulatory measures could be taken to ensure such problems are avoided in the future. This would require additional resources and investment to comply with regulations.

Banks must act quickly to regain customer trust and resolve technical issues to minimize long-term impact on the market and consumers.

Source: www.merkur.de