New figures have revealed that almost 22,000 customers left TSB following the IT meltdown earlier this year.
The statistics were released by the payments operator BACS and showed the high loss in customers in the period during the second quarter of the year.
In April, the bank introduced a new computer system, which left 1.9 million customers unable to access their online and mobile banking accounts. The crisis led to the bank’s chief executive, Paul Pester, to quit.
Chairman Richard Meddings has taken on the role of executive chairman until a new chief executive is appointed.
“Although there is more to do to achieve full stability for customers, the bank’s IT systems and services are much improved since the IT migration. Paul and the Board have therefore agreed that this is the right time to appoint a new CEO for TSB,” said Meddings.
Andrew Hagger from Moneycomms.co.uk said: “As expected, customers voted with their feet on the back of the TSB IT fiasco, with the bank losing a net 16,641 customers to rivals.”
“The only real surprise is that this figure wasn’t much higher – although the discontent could rumble on and we may yet see a similar outflow of accounts when the next quarterly figures are released next January.”
Despite almost 22,000 customers leaving, TSB said that new customers had also joined in the same period.
“During the three months in question we actually saw more than 20,000 customers either open a new bank account at one of our branches or switch their account to us,” said the lender.
HSBC (LON: HSBA) and Nationwide (LON: NBS) were found to have made the biggest net customer gains of 25,605 and 34,577 respectively. Meanwhile, Lloyds Bank (LON: LLOY), Santander (BME: SAN), RBS (LON: RBS) and NatWest made net losses.