Coop Bank’s system hitch disrupts ATM, agency services
Coming at a time when parents are taking their children back to school and when businesses are resuming from holiday, the hitch has likely hit many of the bank’s close-to-eight-million customers hard. The hitch may also mean a heavy loss for the bank that recently announced having moved almost 90 percent of its customer transactions to alternative delivery channels including mobile and ATMs.
Cooperative Bank #ticker:COOP ATMS countrywide have been down following a system failure that has inconvenienced its customers countrywide. The bank in a tweet on Thursday said the system hitch had affected all its card transactions including those at merchants and agency banking.“Co-op Bank Card system is unavailable due to a technical fault that we are working on to resolve as soon as possible. ATM Services, Card transactions at Merchants and other Point of Sale outlets will resume immediately we resolve the challenge,” read the midday tweet which did not give any timelines when the hitch was likely to be resolved.The system is said to have started experiencing downtimes before Christmas according to the bank’s customers who took to social media to lament the inconvenience.Coming at a time when parents are taking their children back to school and when businesses are resuming from holiday, the hitch has likely hit many of the bank’s close-to-eight-million customers hard.The hitch may also mean a heavy loss for the bank that recently announced having moved almost 90 percent of its customer transactions to alternative delivery channels including mobile and ATMs.With all the 580 ATMs and over 11,000 Co-op kwa Jirani agents down for a good part of Thursday, the bank’s missed business opportunity may be huge.
It was not immediately clear what had caused the system hitch but the bank expressed remorse over the inconvenient system glitch.“We apologize for this inconvenience, the bank tweeted, seven hours after it had sent another tweet to encourage customers to use the channels which slid into technical hitch.Back to school is easier with our banking channels! Shop and pay with your Co-op Visa Debit Card and pay school fees via MCo-opCash, Co-op Kwa Jirani agents or Co-op Net! #CoopEaseTheBurden,” read the earlier message.Investment bank Genghis Capital recently called on the bank to upgrade its digital banking system to reduce its cost-to-income (CTI) ratio through efficiency gains in ICT.The investment bankers in an analysis said the lender’s quarter three results had shown a rise in expenses from the investment in a new ICT system and training. The bank hopes to put more money on ICT as part of its “Soaring Eagle” transformation agenda focusing on improved operational efficiencies, cost management and innovative delivery systems.