Feeds

Halifax online bank loses £88m since launch

Early days yet..

  • alert
  • submit to reddit

SANS - Survey on application security programs

Intelligent Finance, Halifax's online bank, has lost £88 million, in just four months of operation. That's about a million quid a day, not including weekends of course

By comparison, Egg, the Prudential's online bank. Egg reported an annual loss of £155 million yesterday, but said it would break even by Q4. Of course IF's figures also include start-up costs.

According to a statement released by IF, it has approved close to £1 billion worth of borrowing in the four months of operation. The bank said it had received 165,000 account applications, up from 80,000 by the end of December. IF said that 54 per cent of its business is done online, against an expected share of 30 per cent.

Initially scheduled for July last year, If's launch was pushed back because of concerns about the ability of the Web site to cope with traffic. The service went live on November 30. ®

Combat fraud and increase customer satisfaction

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.