TSB is re-planning the final phase of the roll-out of its digital banking platform – initially scheduled for early November – into Q1 2018.
The re-planned roll-out will allow TSB to focus on communicating the effects of the anticipated early November base rate rise to its five million customers.
The challenger bank revealed that it is investing in migrating its banking platform from the one provided by Lloyds Banking Group to a new platform designed and built with Sabadell.
It is expected that the new platform will reduce TSB’s costs considerably.
TSB has also announced that its customers will be among the first to use Apple’s new facial recognition technology to log into their accounts.
Paul Pester, chief executive officer of TSB, said: “Our high-tech transformation continues with TSB becoming the first major bank in the UK to have designed and built a new banking platform for the digital age.
“Looking forward, our new, state-of-the-art banking platform will be transformational as we continue on our mission to bring more competition to UK banking – both for consumers and local businesses.
“The new platform will position TSB well to compete for one of the grants from the Capability and Innovation Fund recently announced by the UK government.
“Breaking the stranglehold of the big five banks remains top of our agenda and we’ll continue to work closely with the government, policymakers and regulators in an attempt to bring the full force of competition to bear on the UK banking market – and ultimately make banking better for all UK consumers.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Aldermore introduces new lending tiers
Aldermore has announced the launch of two new lending tiers across its standard range of residential mortgages.
Al Rayan increases profit rate on instant access cash Isa
To celebrate Ramadan, Al Rayan Bank has increased the expected profit rate (EPR) on its instant access cash Isa from 1.22% GPA (gross per annum) to 1.35% GPA.
Close Brothers hires new motor finance CEO
Close Brothers Motor Finance has announced the appointment of Rebecca McNeil (pictured above) as its chief executive officer.
Hampshire Trust Bank appoints Matthew Wyles as CEO
Matthew Wyles (pictured above) is set to become the new CEO at Hampshire Trust Bank, subject to regulatory approval.
U Account introduces cash pay-in option
U Account has launched a cash pay-in option for its 50,000 current account customers.
Aldermore provides £6.27m loan for south London development
Acre Invest has agreed a £6.27m funding package with Aldermore to build a large commercial unit and 18 apartments in Sydenham, south London.
Metro Bank to launch AI-powered money management service
Metro Bank has announced the upcoming release of Insights, a new artificial intelligence-powered money management service.
Over 500,000 complaints made about current accounts
The FCA has revealed that 509,047 complaints were made to financial services firms about current accounts during the second half of 2017.
A guide to ethical banking
Some 56% of workers with a pension are interested in investing in community projects, according to recent research.
Countingup partners with PrePay Solutions
PrePay Solutions (PPS) has joined forces with challenger bank Countingup to provide business accounting and banking together in one place.