Bad debt. Bankruptcies. Bailouts.
As news of the turmoil sweeping the banking industry saturated the papers, airwaves and wires Sept. 22, Bank of America customers received even more frustrating news: For at least five hours last Monday, they were unable to access their accounts.
Think website problems such as this one are only minor? Think again. The banking industry thrives on trust. What kind of message is sent when one of the biggest banks in the country is unable to manage its own site effectively? Further, how much productivity was lost due to customers’ inabilities to transfer funds or perform other online banking tasks?
If you want proof of how important five hours of downtime can be to customers, check out Google Trends, the service that tracks online search patterns. According to Rich Miller of Data Center Knowledge, the phrases “bank of america” and “bank of america login” were in the top 10 search terms that day.
Worse, it appears no press releases were issued on the glitch that week. In BofA’s “press release” section of its website, there were only headlines of awards the company has won (Sept. 23) and charitable projects it has donated money to (Sept. 22, Sept. 18 AND Sept. 17). What about accountability?
With the current Wall Street “crisis” in play, Miller says, along with a rash of recent M&A—BofA’s acquisition of Merrill Lynch for one—several other financial services sites have experienced problems of late too.
It’s unclear what caused the troubles at BofA or the other affected firms. What is clear is that companies—especially financial services companies—need to have their critical applications running at peak availability at all times. As jittery investors watch to see how market consolidation and the economic downturn affect them, they shouldn’t have to be jittery because of technical problems.






