LloydsTSB Postpones Online Bank Launch

29 November 2000

LloydsTSB has put back until next year the UK launch of Evolvebank, its Europe-wide online bank, originally slated for the year-end.

Instead, the service will undergo trials with UK test customers in the run-up to Christmas, before a full roll-out at an unspecified time in 2001.

Evolvebank’s managing director Jayne Almond attributed the change in strategy to the testing of software, a result of security problems at other online banks: “I think we've all learnt a great deal from looking at the experience of other internet banks: no site can deal with huge capacity until you put it through very extensive testing as we have done”.

The London-headquartered bank, which has already been launched in Spain, where it targets expatriates, will also roll out in Italy next year. It will use small marketing teams in each country in which it is launched.

News source: Financial Times