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Contractors may benefit from RBS IT upgrade

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IT contractors may soon find themselves in demand after it has been predicted that UK banks will need to overhaul their IT systems, following the technology shutdown that affected 12 million people in June of this year.

According to the Sunday Telegraph, The Royal Bank of Scotland (RBS) will be investing up to £80 million in order to update its mainframe, with plans to upgrade, centralise and unify as many as 15 separate IT systems.

Contractors with specialist skills in the IT sector may find themselves in demand over the next 12 months, as RBS look to upgrade their systems within this time frame, after the software update to their website in June, left millions of customers unable to access accounts or make payments.

Ben Robinson, the director of the software firm Temenos, said that a major upgrade is needed immediately throughout the banking sector if they are to avoid another fiasco.

He said, “The IT infrastructure of many of the world’s leading high-street banks is decades old and is struggling with the rate of change in the industry and data demands that banks are experiencing today. Recent well-publicised system problems could have happened at any number of large retail banks, and if action is not taken now such issues are likely to become more common.”

Those who specialise in computing have said that the UK’s banks have failed to invest in IT, with many of the current systems unable to cope with the amount of daily transactions. 

It seems that now is the time to invest and so freelancers with skills in the financial IT market may benefit greatly from this.

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