British bank TSB has now migrated from a computer system owned by its former owner Lloyds Banking Group to one of its own. The bank had curtailed services to its customers over the weekend to facilitate the migration. Most of the services are now on and normal, the bank said, adding it is following a ‘phased approach’ to allowing new customers to sign up online, although new sign-ups in branches will still be possible. TSB has been acquired by Catalonia’s Banco Sabadell in 2015. But its technology systems continued to be run by Lloyds. The bank said some 1.3 billion records needed to be transferred to the new system. Lloyds Banking Group had converted 631of its branches to form TSB in 2013, as part of a condition of receiving state aid during the financial crisis. The new system has been financed mostly through £450 million set aside by Lloyds. A spokesperson for TSB said the new IT system will enable the bank to continue to bring more competition to UK banking, and importantly provide the springboard for it to dive into the small business banking market.
