Survey highlights the reputational and business risks associated with IT failures

Published: Thursday, 05 March 2020 09:37

New research into the reaction of customers to IT and technical failures in UK banking services shows the wider impact that IT failures can have on business stakeholders. Carried out by IT support provider, the research revealed that 89 percent of UK adults would lose trust in a company following an IT failure or technical issue.

The research surveyed 1,009 UK adults and found that 1 in 2 (51 percent) would consider switching banks following issues with their IT systems.

When asked about their motives for changing banking provider, 43 percent of respondents said they felt that their money was unsafe with a bank which had experienced IT issues. 41 percent feared technical issues would happen again whilst 39 percent were worried that their personal data may be at risk.

The top five reputational impacts of IT failures identified by the research are: