Lloyds Banking Group and Schroders’ wealth management solution was launched earlier in 2019. However, it seems it is facing some massive tech problems.
A report in the Financial Times has revealed that Schroders Personal Wealth Management’s IT problems have become so bad that the company’s head of HR was recently forced to apologize to staff.
In an internal note seen by the publication, the company addressed the results of an internal survey. The results unveiled that staff felt concerned about the platform’s technology. The note stated that the tech issues caused worries about the service they would be able to provide to clients. “We recognize the problems you’ve faced with the new systems and are working hard behind the scenes to put in the fixes as quickly as we can,” the note stated.
The project has been hailed as a key part of Lloyds Banking Group and Schroders’ efforts to grow in the near future. Lloyds reportedly moved £13bn of assets from existing clients into the new platform.
The system is planned to go live in the wider UK market later this year.
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