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Globetechnology
As the RBC admits that the problems that have occurred in the past week were due to human error, we in the business exhale a collective sigh of relief that it is not us undergoing the problems. Those in the business of computers and the applications they run, know that such crisis is a keystroke away. Most banks have suffered some sort of "computer glitch" where data has been incorrect/corrupted. Most of the time it is not the computer that has failed but the computer programmers and those that test the validity of the programs before they go live. Other times it can be the individuals responsible for the recovery of an actual computer failure. The recovery is done incorrectly, and the data is corrupted. Someone once said a computer is only as clever as the person that programs it. And the old adage, "garbage in, garbage out" -- or GIGO is another saying that can be applied.
Next on the list of hurdles for RBC will be the class action law suit forthcoming from many individuals and winning back customer confidence. I can sympathize with those who do live paycheque to paycheque and what this event would have done to their stress levels. Could this be the first year RBC is not the number one bank in Canada in my memory? Time will tell.
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