Wells Fargo is still digging out from a PR disaster last week when the bank went offline for a large segment of customers due to a fire alarm triggered in a server facility in Minnesota. Customers could not access the mobile app, the website or ATMs. The incident has been used to highlight how big an opportunity there is for fintech firms or more nimble banks.
What the outage shows is that bank infrastructure is still stuck in the past, analysts rightly asked why Wells Fargo did not have the bank running on a cloud based system.