National Australia Bank (NAB) is helping push forward the adoption of cryptocurrency with a major outage of almost all their services.
One of the largest banks in Australia took to Twitter on May 26, 2018, to announce “We’re currently experiencing issues with multiple services, including Internet and Mobile Banking and ATMs and EFTPOs. Our teams are working to fix this as soon as possible. We’re sorry for the inconvenience.”
As the outage occurred on a Saturday when many of their branches are closed, it came as a major inconvenience to their customers. As pointed out by Twitters users, it’s not simply a case of being unable to pay for your Saturday morning coffee at your favorite café. These are just a selection of the posts made on Twitter following the outage:
“I am currently sitting at a fuel station waiting to be able to pay for the fuel in my car. Take your time NAB, I only got an hour drive to see my dying mother.”
“Hurry up! I’m trying to get some coin into my @ladbrokescomau account so I can have a punt, it’s Saturday you know!”
“With MULTIPLE services? Try everything: ALL card use (can’t use cards in other ATMs), ALL online (can’t purchase online), ALL telephone banking, ALL transactions. Even branches can’t access accounts. Your WHOLE system is down. At least be honest.”
“How about waiting at the international terminal trying to get Mexican pesos out, or any money at all really, with 5 minutes to board and still down…. worst timing ever.”
The outage at NBA comes hot on the heels of the week-long outage at British bank, TSB, in April 2018. NBA has indicated that after a few hours that their systems were back up and running, but customers expect access to their funds 24/7, and some will surely look for alternative banking arrangements. Crypto enthusiasts were quick to take advantage of the weaknesses in traditional fiat banking systems with posts popping up on Reddit and Twitter.
One Twitter user posted, “Another reason for banks to be scared sh#%tless of decentralized financial platforms aka cryptocurrencies.” On the Reddit thread, one user warned: “Only keep in banks what you can afford to lose.” The Wiki for NAB states they have 3.7 million business and personal account holders in Australia and a further 1 million customers in New Zealand. Billions of dollars are spent by banks around the world trying unsuccessfully to keep their centralized systems running. This latest banking fiasco is another step forward for crypto and decentralized blockchain technology.
Financial analyst, smartphone app designer, technical writer, and crypto enthusiast. Blockchain verified graduate of MOOC 9, DFIN-511: Introduction to Digital Currencies, run by the University of Nicosia.