Finance & Economics

HSBC Customers Face Mobile Banking Outage

In the UK, thousands of HSBC customers are faced with the problem of accessing online banking and mobile banking services.

HSBC Customers Face Mobile Banking Outage

Due to a malfunction in the digital infrastructure of the mentioned financial institution, consumers affected by this problem were unable to authorize their purchases with virtual cards on Black Friday.

Thousands of the bank’s customers reported a lack of access to banking systems on the Downdetector website.

The financial institution posted a message confirming the existence of the problem in its account on the social network X, formerly known as Twitter. The bank also expressed regret about the impact of failures in the functioning of online and mobile banking on customers. Separately, the financial institution reported that in case of problems with the authorization of purchases when using a virtual card, it is possible to get a one-time password via SMS.

HSBC described this failure as an internal system problem. Special attention should be paid to the fact that banking systems stopped functioning normally during the period of the highest level of consumer activity associated with Black Friday. In the long term, this incident is unlikely to become a factor of significant impact on the loyalty of customers of a financial institution.

HSBC currently serves about 15 million people in the United Kingdom. Also, the ownership structure of this financial institution includes the online bank First Direct. HSBC has announced that it will close 114 physical branches in the United Kingdom by the end of 2023. The lender explained this decision by the fact that consumers are increasingly opting for online banking.

As we have reported earlier, HSBC Launches Trade Finance Offer.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.