HSBC's online and mobile banking services were down for thousands of UK clients on Black Friday, one of the biggest shopping days of the year.

The outage started just after 7:00 GMT, with complaints rising to over 4,000 by 9:00 GMT, and lasted all day, frustrating customers and impeding bank transactions.

HSBC quickly acknowledged the online banking service outage and assured consumers that it was being addressed urgently. 

Expressing regret for the inconvenience caused, HSBC outlined its efforts to restore mobile and online banking services swiftly. This included addressing specific challenges, such as enabling the authorization of online card purchases via the app.

"We understand this is really frustrating for some of our customers, and we are really sorry for the inconvenience," a spokesperson stated, as quoted by Reuters.

(Photo: Matt Cardy/Getty Images)
A branch of HSBC is seen on the high street in Salisbury city center on June 9, 2015, in Wiltshire, England.

Still Working to Restore Service

Despite these efforts, the HSBC online banking problem persisted as of 4:50 p.m. on Friday, indicating the complexity of the internal system issue causing the disruption, per Sky News.

HSBC stated that purchases could still be authorized via an SMS code, allowing customers to proceed with online transactions and offering a temporary workaround while the bank worked on resolving the underlying technical issues.

HSBC promised to keep customers updated on the situation, recognizing the importance of timely communication during service outages.

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Consumer Advocates Raise Concerns

The HSBC online banking outage on Black Friday, a day synonymous with high shopping activity, raised concerns among consumer advocates.

Given that the last Friday of the month often aligns with payday for many individuals, the online banking outage posed potential challenges for customers looking to manage essential payments such as rent and bills.

Consumer advocacy magazine Which? Deputy Editor Sam Richardson emphasized the severity of the situation, noting that such outages could hinder people from making essential payments and contribute to a broader inconvenience on a day marked by heightened consumer activity.

With 24 November coinciding with payday for some customers, the impact of the disruption was particularly pronounced. Frustrated users took to social media to express their concerns, with some highlighting the unfortunate timing of the outage.

As reported by The Guardian, one user commented, "Literally the worst timing ever. People got paid and have bills to pay." Another user humorously remarked, "Got to move some money so I can buy some Black Friday purchases (that I don't need). Maybe it's a sign!"

This HSBC online banking incident sheds light on the broader challenges faced by banks as they increasingly transition to digital services, reducing their physical presence.

Regulatory bodies and policymakers have consistently urged financial institutions to enhance the resilience of their systems to prevent disruptions and ensure a seamless customer experience.

The Bank of England, in particular, has emphasized the importance of banks accelerating their recovery measures during outages to maintain public confidence in the financial sector.

HSBC, a major player in the UK banking sector with approximately 15 million customers, has been actively closing physical branches as part of its strategy to encourage customers to embrace online banking.

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