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TSB to introduce new digital banking platform in Q1 2018

Jordan Williams | 15:45 Monday 30th October 2017

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.”

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