The IF project, which is based in Edinburgh, has been delayed
because of concerns that the system may not be ready to cope with
the anticipated volume of transactions.
Jim Spowart, chief executive of IF, yesterday commented that,
“it is disappointing for us all that we have not been able to meet
the launch deadline we set ourselves. We simply cannot launch until
we are sure we can handle the anticipated levels of customer
activity.”
Halifax estimates that the delay will cost between £1m and £2m,
but James Crosby, chief executive of Halifax, maintains that these
losses will be made up quickly when IF opens for business in
August.
IF aims to attract 500,000 customers in its first year of
operation and Halifax remains determined that this will be
achieved.
Several other internet banking initiatives have suffered from
teething problems in the initial stages. Most notably, the Abbey
National venture Cahoot and Prudential's Egg.
IF now intends to launch its phone bank service in August and
claims that the internet service will follow soon after.
