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Published : February 04, 2008 |
Author : cashsaver
Category : Finance | Total Views
: 66 | Unrated
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Egg, one of the first financial brands to exclusively embrace the internet, has had it's share of problems in the past. Many customers will remember the inadequate technology platform Egg used which saw thousands of people unable to access their online bank accounts and savings accounts.
The problems back then were partly due to the success of the internet-based operation, which was spawned out of the Prudential , but were none-the-less unforgivable and gave Egg a damaged reputation from the early days. In facts Egg's computer system problems feature as one of the top ten worst web application failures of all time according to Information Age. The event they refer to happened in January 2001 when Egg upgraded it's systems and brought their service down for a whole week.
This time however the bad press cannot be blamed on technology, but on poor management. Certainly by deciding to shutdown particular credit card accounts they will either reduce risk or their increase profits but the sustaining damage to their already tarnished brand cannot be good. Their American parents CitiGroup are perhaps not used to dealing with the more savy UK customer base (and press) who certainly won't let this action be easily forgotten. And neither will their competitors I don't doubt. Look out for more Egg bashing in the days to come.
Reading some of the postings by disgruntled customers, it seems many do not have the qualifying poor credit record that Egg says they do and in fact one person wondered why they are happy for him to keep his Egg loan but not his credit card, which makes them very little money because he pays it off every month.
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