Recently, there are many discussions related to banking digitalization. Most of them are surrounded by fraud. They believe that the speed of banking to promote digitalization is too aggressive, and the public is not fully prepared.Last weekend (October 14) the interruption of the service interruption of DBS Bank and Citi Bank, which made people wonder if the bank itself was completely prepared for digitalization?
Although the service interruption of the two banks was caused by technical problems in the data center of a third party, it was not a bank system failure, but the speed of the bank's startup mechanism seemed to be improved.The Star Shin Bank opened almost all the number of behavior customer services shortly after the incident, and switched to the backup data center. However, the digital banking service was interrupted for more than 12 hours, causing many unchanged.On the day of Saturday, most of the inconveniences were people and stores of shopping consumption. Some merchants reported that the turnover decreased by 10 %.If the accident occurs on weekdays, there will be problems that enterprises cannot mobilize funds and invest in transactions and cannot pay accounts, which will affect unlike small.
According to the Singapore Financial Administration's scientific and technological risk management standards, financial institutions cannot allow any key systems to interrupt for more than four hours within 12 consecutive months.The performance of DBS Bank's performance in this regard is not up to the standard, which is its third service failure this year.On March 29, the bank had a failure of up to 10 hours, and the program error caused users to log in to digital services.On May 5th, the bank's digital banking services and automatic withdrawal machine services were interrupted for 6.5 hours because of human mistakes.The HKMA said at the time that it was unacceptable to two failures within two months, so it ordered the bank to allocate additional additional supervision capital of 1.6 billion yuan.It was only a few months, and the Star Shin Bank once again tested the consumer's confidence in it, and the disposal of the HKMA was also questioned.
In order to strengthen the ability of financial institutions to respond to service interruptions, the HKMA amended the business continuity management standards in June last year and required financial institutions to set the goal of restoring service time for key services from June 6 this year, and regularly and regularlyEvaluation and review to ensure that the service interruption is caused by factors such as technical failure, cyber attacks, large epidemic outbreaks, and terrorist activities, they can quickly restore key services such as withdrawal, transfer, credit card or digital wallet payment, and stock transactions.What are the preparations for financial institutions in these 12 months?
In addition to the three service interruptions of DBS Bank, Overseas Chinese Bank also had a system failure on August 28 this year. Some services such as online and mobile banking services were interrupted for nearly four hours.In the era of digital banking, even if the service was interrupted only one hour, it was too long.In June last year, HSBC and Hang Seng Bank's digital banks and automatic withdrawal machines of HSBC and Hang Seng Banks that were paused for two and a half hours. It was a fault that had been bombarded for two and a half hours.
Digital banking services have frequent interruptions for a long time, which will weaken the public's confidence in banks. In particular, banks have vigorously promoted digitalization in recent years, and there are fewer and fewer physical banks.EssenceBanks have passed many traditional service functions to customers because of digitalization. Digital service interruptions have aggravated damage to customer interests. This is socialized and privatized in profit, which naturally makes the public feel unfair.Many consumers who responded to calling no longer use cash complains last weekend. They could not use credit cards and transfer cards. Even the automatic withdrawal machine could not be able to withdraw cash. Service interruptions not only created trouble, but also made them anxious.The vision of Singapore to a cashless society may not be realized because the public lacks confidence so quickly.
The HKMA must strictly require financial institutions to ensure that the digital banking business system is elastic and has the ability to quickly recover from any system interruption. Regardless of the reason, it is from the inside or outside, and regular exercises are required to confirm that the bank complies with regulatory requirements and expectations.Coincidentally, the capital transfer system of 10 financial institutions in Japan has just failed for two consecutive days on the 10th and 11th of this month, which seriously affected people's lives.Various banks announced on Wednesday (October 18) that they will compensate for related expenses to customers to compensate their additional costs or fines due to delayed remittances.The Singaporean Monetary Administration should increase the punishment, allow financial institutions to bear greater responsibilities for service interruptions, and make up for customers to lose money and spiritual losses in order to make them correct the problem.
