Banks’ massive IT failures drive consumers to switch to alternatives

Far-reaching IT failures and outages at traditional banks in recent months have triggered a surge in enquiries to banking alternatives, reveals one of the world’s largest independent financial advisory organisations.

deVere Vault, the global e-money app and multi-currency prepaid card, today reports a 35 per cent quarter-on-quarter increase in enquiries.  It follows a series of technical glitches at several major banks, affecting millions of customers.


Nigel Green, founder and CEO of deVere Group, comments: “People have long been getting fed-up with major banks’ high fees, hidden costs, limited working hours, and less-than-impressive customer service, amongst other things.


“But this recent litany of IT failures has, it seems, prompted many of them to look beyond traditional banking and seek out alternatives, such as deVere Vault.


“Indeed, we’re largely attributing deVere Vault’s 35 per cent jump in enquiries in the last quarter to people being negatively impacted by the chaos within the traditional banking sector.


“By switching to alternative banking solutions users typically enjoy much lower fees, plus on-the-go, 24-hour, hassle-free, borderless access to, and use of, their money.”


He continues: “It’s not just the banks’ massive IT disruptions that are driving consumers towards alternative solutions.


“Geopolitical factors, such as Brexit amongst many others, are causing exchange rate volatility – but these alternatives are multicurrency, meaning users have the ability to mitigate the adverse impact of currency fluctuations on their cash.


“In addition, the world is increasingly globalised and people are ever-more internationally mobile.  These alternative banking options are ideal for those who frequently travel as they can be used wherever, whenever.”


He goes on to add: “It is becoming increasingly evident that fintech [financial technology] firms are filling the gap left between what traditional banks are offering and what clients are now expecting, especially in terms of customer experience.”


Mr Green concludes: “By providing those who use them with access to, and management and use of their money with no stress, no hassle and no hidden charges, wherever they are in the world, the demand for alternative banking solutions in our ever-more globalised world looks set to continue to soar.”