The bank continues to adapt to a rapidly changing world. Customers may have noticed that we now provide ‘Confirmation of Payee’ as an extra level of security on payments. Our mobile app is now available for business accounts as well as personal accounts.
You will not have noticed a hardening of our cyber defences, but we continue to work on this and a multitude of other anti-fraud measures. In 2024, we intervened to prevent attempted fraud on customers totalling almost £4 million and retrieved about £1 million from successful frauds.
We rely a great deal on human intelligence, but my Summer Letter referenced artificial intelligence. It allows you, among other things, to conduct market research beyond the grave. Here’s what former customers Lord Byron and John Dryden might have said about the bank’s stability in troubled times:
Circumstances in the UK are uncertain, but the bank is in good shape. Customer and staff satisfaction scores are high. Thank you for your confidence in us. We are not perfect, but we take a lot of trouble to try to fix complaints when they arise and suggestions for improvement are always welcome.
Alexander S Hoare
January 2025
