Technology
Power Outage Hits Australian Bank's Clients

Australia's banking troubles continue.
National Australia Bank has apologised after suffering a “nationwide outage” to some of its technology systems on Saturday, leaving customers unable to access banking services or withdraw money.
NAB said the outage was caused by a series of failures, originating from its back-up power equipment, which isolated its mainframe.
According to the firm, the outage affected its customers as some were unable to pay bills or purchase anything at the weekend.
“Our promise to our customers is to be about more than money,” said NAB in a statement. “Inherent in that promise is the expectation that, as your bank, we get the fundamentals (the money bit) right. On Saturday we failed to do that. We’re committed to making this right for customers and will work with any customer who has experienced financial loss to ensure they’re not unfairly impacted.”
This recent technical incident comes after a Royal Commision’s investigation into the wealth management and financial advice divisions in the Australian banking sector uncovered several scandals, one of which lead to the resignation of AMP’s chief executive of Craig Meller. In a separate case reported here in early May, Commonwealth Bank of Australia, the lender that is under fire for compliance failings, confirmed it lost 19.8 million accounts and chose not to immediately tell clients.
This publication also reported in May that NAB said it will reduce its wealth management arm by 2019, by selling MLC, its financial advisory business. It said that the Royal Commission’s inquiry has nothing to do with the restructuring process.