RBS is to invest a further £450 million on IT this year, in addition to a annual IT budget of £2 billion. The move comes as the financial giant seeks to draw a line under past public IT failing.

One significant IT failing was the disruption to online banking services during the summer of 2012, which led to many RBS customers being left unable to access their accounts.

The disruption led to a cost of £175 million for customer reimbursement for any losses sustained. RBS have warned that losses incurred from the outage may still be forthcoming.

The bank has faced further outages since 2012, with application difficulties on mobile devices.

RBS Group chairman Philip Hampton said: “the IT incidents over the last year have shown, building and maintaining a top class infrastructure is fundamental".

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