A lasting dent has already been made in customer trust towards its brand and the banking industry, and it is fundamentally down to the lack of communication with worried customers.
While it was quick to announce to the press that the situation was under control and that there was no need to panic, it did not communicate directly to the people who are most important to its business - the public and its customers.
Grand corporate pronouncements to the press that appear to hide behind the company facade do little to communicate directly with customers. A simple, clear, personal form of communication would have worked wonders.
But it needed to happen a lot sooner to have any real possibility of limiting damage to the brand. Things could have turned out a whole lot differently if the bank had respected its customers' worries and communicated to them simply, clearly and calmly.
Guy Walsingham, director, Red Lorry Yellow Lorry.