Barclays Bank's mobile app experienced a significant outage on Tuesday, leaving thousands of UK customers unable to access their accounts, verify balances, or carry out transactions. The disruption, which started on October 17, 2023, has continued with no resolution timeline provided.
The bank confirmed the outage on social media Tuesday morning and ensured that card and ATM services remained operational. An online monitoring service, Down Detector, tracked thousands of complaints, with two-thirds targeting the mobile app specifically. By 1 p.m. on Tuesday, Barclays had addressed "some technical issues", extending a heartfelt apology for the delay in resolution.
The incident triggered a range of reactions from customers. Some expressed frustration, while others posted positive tweets empathizing with Barclays' efforts to manage the unexpected disruption. Notably, customers like Shelley and Irving expressed dissatisfaction on Down Detector's forum, noting that even Barclays' service status page was non-functional.
While the root cause of this widespread outage remains unclear, Barclays has acknowledged the problem and confirmed that its IT team is striving to rectify it. In the interim, Barclays has suggested customers use their automated telephone service for banking operations until normal services are restored.
Despite the current challenges, Barclays, a prominent player in the Banks industry, continues to show resilience. According to InvestingPro data, Barclays has a market capitalization of 28458.37M USD and has been profitable over the last twelve months. The company also has a low P/E ratio of 4.33, indicating that it's trading at a low price relative to its near-term earnings growth. This suggests that the company is undervalued, making it an attractive investment option despite the current technical issues.
Additionally, Barclays has raised its dividend for 3 consecutive years, demonstrating its commitment to rewarding its shareholders. This is a positive sign for potential investors, as it indicates the company's financial stability and its ability to generate consistent profits.
However, it's worth noting that Barclays' revenue growth has been slowing down recently, with a quarterly decrease of -9.14 % in FY2023.Q2. This could potentially be a cause for concern for investors, as it may indicate a slowdown in the company's overall business operations. Nevertheless, analysts predict the company will remain profitable this year, which could offset some of these concerns.
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