TSB will take IT in-house after meltdown
The bank has appointed a new CIO and CTO to drive its Proteo4 platform forward
As part of its recovery from last year's major online banking outage, TSB has made the decision to change the way its works with its tech suppliers and instead take development of its Proteo4 platform in-house.
"In the coming months, we will take direct ownership of our banking platform, including direct contractual relationships with the third party technology suppliers," the company said in an announcement, outlining the changes. "At the same time, we also want to build significant new technology capability in TSB in order to allow us to innovate faster."
TSB will appoint Mike Errington as CIO and Carlos Abarca as chief technology innovation officer. They will both work with IT teams to make sure its Digital banking platform hits all the usability boxes, as well as compliance regulations.
New sources have speculated that the move to an in-house tech team will make it easier for the company to split from its Spanish owner Sabadell.
The parent company's owner, Joseph Oliu has said that it plans to sell the UK bank after Sabadell has managed to transform the company.
"TSB is a retail bank with a costly structure, it has to be turned around, for that it needs three years, an adequate return (on equity), then it can be a candidate to enter into a consolidation process. A merger or a sale are options," he said ahead of the bank's AGM.
New TSB boss Debbie Crosbie is set to join the company this month and it's rumoured she's been given the mission of cutting costs, which should help recoup some of Sabadell's investment.
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