Raiffeisen Switzerland is currently facing a significant IT crisis due to issues with its e-banking app.
The app, which was designed to consolidate banking services into a single mobile application, has come under scrutiny after allegations of falsified results during testing.
The Board of Directors has commissioned an external investigation led by Dr. Mario Crameri to uncover the root causes of the crisis and identify those responsible.
Dr. Crameri, a seasoned IT expert, will examine the app's development and implementation processes.
The investigation will also scrutinize the role of CEO Heinz Huber, who has been implicated in the mismanagement of the project.
The dismissal of the former head of operations, Uwe Krakau, has not resolved the turmoil within the company.
The investigation is expected to reveal that responsibility extends to higher levels of management, including CEO Heinz Huber.
The financial implications of the app's failure are significant, with costs estimated to reach hundreds of millions of francs.
The Board's response to the findings and implementation of necessary reforms will be crucial in restoring confidence among customers and investors.
The failure to deliver a reliable e-banking app could impact Raiffeisen's market position in the digital banking landscape.
Transparency and accountability will be key in navigating this crisis and ensuring the institution can emerge stronger.