The National's online banking service has been swamped with users trying to upgrade to the new platform since yesterday, forcing the NAB to increase telephone and computer capacity to cope with the onslaught, according to a National bank spokesperson.
However the glitch, which occurred early this afternoon, is due to a wider network outage rather than a backlog of traffic caused by users trying to migrate to the new service, the National spokesperson claims. It's due to a -whole network outage" that has -unfortunately coincided with the time we're upgrading to the new platform," the spokesperson added.
Not so, according to members of the Internet banking telephone help team, who are telling callers that congestion caused by users trying to upgrade to the new service is the root of the problem.
At about 3.30pm, the online banking helpline suggested users try to log on again in about forty minutes.
The enhanced Net banking service, which has done away with digital certificates, has just completed a pilot phase and National customers have been advised by post that they could upgrade to the new service as of yesterday.
The bank hopes the new service will support an expected increase in online customers from the current headcount of 500,000 to at least 750,000 within 12 months.
An unfortunate coincidence, however, this is the least of the problems the new system poses.
First, you have to migrate all the data (eg billpay details) yourself; this may be no big deal for personal customers, but is a potential headache for many businesses.
Also, by accepting the new terms and conditions of the new service, you agree that NAB can impose charges for using internet banking.
I just love these greedy banks (and NAB seems like the greediest) - we are doing them a favour by using internet banking and reducing the load on branches and branch staff (the few that are left) thereby lowering their costs, and they are planning to charge us for the "privilege"!!!
Their argument that IT is a huge cost to them makes me weep from laughing. Obviously the banks use computers because it saves them buckets of money versus manual methods, and makes new (ie cheaper) delivery methods available.
If not, then the shareholders should be asking why NAB has squandered billions on automation with so little return, while service has gone down and fees have gone up.
Alternately, if electronic banking IS cheaper than branch banking, then it should remain fee-free.