Managing the fallout following a public IT outage is of paramount importance and having a similar issue so soon after the 2012 fiasco will only work to further tarnish RBS's reputation. However, it's now vital the bank learns from its mistake to make sure customers are not forced to deal with similar issues further down the line.
I just watched a documentary revealing some of the outrageous behaviour from UK banks in their dealings with small and medium businesses. It's a cliche I usually try to avoid, but this really does beggar belief, especially from two of the banks the tax payer bailed out to the tune of billions of pounds of our money!
Over the next few months I'm going to be leading research at RBS on this topic. We'll be talking to our customers about interest rates and the decisions they think they'll make when rates change. We want to understand how we, and the industry itself, can help. This won't end the fevered speculation about the timing of the first rate rise, but next time you're listening to the debates, ask yourself this question. Does this tell me what I really need to know about UK interest rates?