In light of the rising number of technical failures within the financial services sector, Roq, a Quality Engineering company, conducted a survey to gauge consumer attitudes towards outages and disruptions within banking. Our OnePoll survey of 1,000 UK adults revealed that a third of Brits have been affected by a technology glitch or failure within the sector over the past year. Indeed, only recently, several major banks had to apologise to customers for unexpected outages that left some unable to send and receive payments, log in to online banking services or access their wages on payday.

What’s more, the research found that 30% of the 1,000 respondents  are either very likely or fairly likely to switch banks if they were impacted by a technology glitch. In an industry where resilience, regulation, and security are paramount, these findings raise significant concerns for banks who operate in a fiercely competitive landscape.

The financial services industry recognises the need for digital transformation to meet evolving regulatory and consumer demands while remaining competitive. However, the increasing frequency of technical challenges threatens to undermine the success of this widespread transformation. Consumers now expect flawless online banking experiences, and failing to meet these expectations could lead to a significant loss of market share. The most effective approach to delivering reliable online banking services lies in the implementation of Quality Engineering methodologies, which ensure rigorous due diligence and robust system performance.

Age Influences the Impact of Technical Failures

The survey revealed that younger respondents are the most affected by technical glitches. Specifically, 19% of 18-24 year-olds and 17% of 25-34 year-olds reported experiencing a technical failure in the past three months. In contrast, only 3% of 55-64 year-olds and 4% of those aged 65 and over reported the same. Furthermore, three-quarters of the 55-64 and 65+ age groups stated they had not been affected at all.

This disparity may be attributed to younger generations being more inclined to use digital-first banks, while older age groups tend to favour traditional banks. Given that digital-first banks rely solely on digital solutions as they lack a physical presence, poor implementation and inadequate Quality Engineering can significantly impact a large portion of their customer base.

Alarmingly, younger consumers are also the most likely to switch banks following a technology failure. Among 25-34 year-olds, 57% indicated they were either very likely or fairly likely to leave their bank, with 47% of 18-24 year-olds expressing the same sentiment. This contrasts with older generations, who appear more hesitant to switch, as 48% of 45-54 year-olds and those aged 65 and over reported they are neither likely nor unlikely to leave their bank.

Looking to the future

As more bricks-and-mortar banks close their branches and shift towards a digital-first approach, the importance of robust planning, process implementation, and a deep understanding of client needs early in the software development lifecycle (SDLC) has become important than ever. In today’s increasingly digitised world, banking systems must be resilient, future-proof, and function seamlessly under all conditions. These systems have become a fundamental, deeply ingrained part of our everyday lives, making their reliability is paramount.

After all, we’ve seen the far-reaching impact that even a small glitch can have, as evidenced by the recent CrowdStrike incident, which affected millions across the globe. When these systems fail, the consequences are enormous, disrupting everything from individual transactions to entire economies. This underscores the need for a steadfast commitment to Quality Engineering—a practice that ensures these digital infrastructures are not only built to meet current demands but are also resilient enough to withstand the unexpected. Only through rigorous Quality Engineering can we create systems that are truly reliable, capable of enduring challenges, and prepared to support the future of banking.

The financial services sector is evolving rapidly, with technology driving much of this change. However, as technical failures become more common, both institutions and their customers face increasing vulnerability. To effectively manage this risk, a strong Quality Engineering approach is essential. Only by fully understanding the quality and effectiveness of the solutions being built can an institution confidently ensure they can meet customer needs and regulatory standards.

Without this level of clarity, banks risk incurring significant costs—not only in rectifying technical failures but also in long-term reputational damage and customer attrition. Our research highlights that customers, particularly younger generations, are highly sensitive to disruptions that can range from inconvenient to debilitating. If banks do not prioritise building robust and resilient systems, they risk losing customers and market share to competitors who do.