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Highlights
- Customers of Lloyds, Halifax, and Bank of Scotland have not been able to gain access to their accounts via online banking and apps.
- The parent company of the three banks, Lloyds Banking Group, was criticised to undervalue the magnitude of the problem.
Lloyds, Halifax, and Bank of Scotland, which are all components of the Lloyds Banking Group (LON: LLOY), have been down as thousands of their customers across the UK have not been able to gain access to their accounts via online banking and apps. According to the online outage tracker, Down Detector, customers of the three banks have been facing these issues since 10:00 AM on Sunday 27 April.
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Even if some customers were able to log in to their accounts, they were not able to see their available funds. Instead, it was just showing “N/A” in place of that, as per various reports. Many people started reporting the issues, and in response, the official Twitter account of Lloyds recommended people to log out and then sign back into their accounts or use another platform to check their accounts.
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More than 1,000 customers have reported about issues with Halifax, while over 2,000 reports have been received for issue related to Lloyds bank, as per Down Detector. Reportedly, the same issue has been faced by customers for months now, and the increasing frequency of the problem may push the customers towards alterative banks.
Lloyds Banking Group’s performance update
As online banking has been rapidly growing, around 60 bank branches of Lloyds, Bank of Scotland and Halifax are running as of now. The Lloyds Banking Group aims to deliver its services to the increasing number of online banking customers, which have reached record high levels recently.
With more than 15 million mobile app users, Lloyds bank today serves approximately 18.6 million regular customers who avail its online banking services. While dealing with the pandemic over the past two years, the number of mobile app users of Lloyds have gone up by 27% while its number of online banking customers have gone up by 12%.
Lloyds Banking Group plc, which is a component of the FTSE 100 index, has given its shareholders a return of 16.01% over the last one year as of 28 March 2022, while its return stands at 2.55% on a year-to-date basis. With a market cap of £34,269.78 million, Lloyds Banking Group plc’s shares were trading at GBX 49.02, up by 0.55%, at 8:02 AM (GMT +1) on 28 March 2022.
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Let’s look at other bank stocks and their performance at present.
HSBC Holdings plc (LON: HSBA)
HSBC Holdings plc, which is a component of the FTSE 100 index, has given its shareholders a return of 23.73% over the last one year as of 28 March 2022, while its return stands at 16.66% on a year-to-date basis. With a market cap of £104,422.64 million, HSBC Holdings plc’s shares were trading at GBX 523.00, up by 1.20%, at 8:12 AM (GMT +1) on 28 March 2022.
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Standard Chartered plc (LON: STAN)
Standard Chartered plc, which is a component of the FTSE 100 index, has given its shareholders a return of 2.68% over the last one year as of 28 March 2022, while its return stands at 14.50% on a year-to-date basis. With a market cap of £15,257.61 million, Standard Chartered plc’s shares were trading at GBX 513.20, up by 1.70%, at 8:14 AM (GMT +1) on 28 March 2022.
