Indian Overseas Bank Reverts to Old Internet Banking System After Technical Failure

Indian Overseas Bank (IOB), a government-owned bank, has informed its customers that it is temporarily switching back to its old internet banking platform. This decision was taken after a major technical failure occurred in its newly upgraded internet banking system. The bank had recently launched a new revamped portal of internet banking but soon had to switch to old portal to various user complaints.

The upgraded system had been developed by Edgeverve, a subsidiary of the well-known IT company Infosys. IOB had officially moved to this new system just a few days ago, on Saturday. However, soon after the launch, many customers began facing serious issues, especially problems with logging into their accounts. The login page was reportedly becoming unresponsive at times, making it difficult for users to access their accounts online.

A senior bank official explained that the bank had already requested Edgeverve to fix these problems as quickly as possible. However, the company failed to provide a timely solution, which forced the bank to take the step of rolling back to its previous internet banking system. The official also added that the old system will be used until the root cause of the problem is identified and fixed.

In a message to its customers, IOB stated:

“Due to technical failure of Edgeverve (Infosys) for the revamped Internet Banking and their inability to address it timely, we are forced to go back to the old Internet Banking system. We regret the inconvenience.”

The bank had appointed Edgeverve to modernize and enhance its digital banking services. The project involved setting up a Digital Engagement Hub and upgrading the Online Banking solution, which included system integration, software customization, development, testing, and long-term maintenance support.