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Banks still dealing with old 'plumbing'

Warren Mead, a financial technology analyst at KPMG, says banks still have big customer bases and "despite everything, a degree of customer trust in banking".

"Retail banking is relatively inefficient" because of old computer systems dating in some cases back to the 1970s, says Mr Mead.

They are spending billions of pounds to try and right this through mobile applications for phones and tablets, but still rely on elderly computer "plumbing".

  • 28 Mar 2016