GTBank Acknowledges Hurdles in Core Banking Upgrade, Extends Apologies to Customers

Guaranty Trust Bank (GTBank), one of Nigeria’s leading financial institutions, has been navigating a stormy transition following its recent migration to the Finacle Suite of Core Banking Application Systems. The upgrade, designed to enhance service delivery and adapt to evolving customer needs, has caused service disruptions, leaving many customers frustrated.

GTBank’s decision to implement the new Finacle Suite stemmed from a need to modernize its operations. The bank emphasized that this move was necessary to achieve greater agility, adaptability, and a seamless service experience in the long run. As GTBank stated:

“When we began the process of implementing the new Finacle Suite of Core Banking Application Systems, our goals were clear: to remain agile as we grow, adaptable, and most importantly, to improve your service experience.”

The upgrade was announced to customers on October 9, 2024, with migration scheduled from October 11 to October 14. However, unexpected delays extended the timeline, causing disruptions in transaction processing and access to funds.

Customer Impact

The prolonged service interruptions sparked widespread frustration among customers, many of whom voiced their concerns on social media platforms like X (formerly Twitter). Reports surfaced of unauthorized deductions and unresolved transaction issues, with one customer alleging a debit of ₦400,000 without explanation or resolution.

The bank acknowledged the profound impact on customers, noting the challenges faced in both personal and business activities. In a heartfelt message to its customers, GTBank expressed regret for the inconvenience caused and gratitude for the patience shown:

“We recognize how deeply this period of service disruptions affected your personal activities and business operations, and we thank you for standing with us through it all, offering grace in times of frustration.”

GTBank has reassured its customers that the upgrade, despite its initial challenges, was undertaken with their long-term interests in mind. The bank emphasized that every effort moving forward will prioritize delivering a seamless and superior banking experience:

“As we move on to our custom of seamless service experiences, we would like to assure you of our commitment to the goals we set at the start of implementing this change.”

Looking Ahead

The recent disruptions highlight the complexities of large-scale technological transitions in banking. While the immediate effects have been challenging, GTBank’s investment in modern infrastructure aims to position the bank for better service delivery in the future. The key test now lies in the bank’s ability to restore customer confidence by addressing outstanding issues promptly and ensuring that the promised benefits of the upgrade are realized.

GTBank’s experience serves as a reminder that while innovation is essential, clear communication and robust contingency plans are critical to maintaining customer trust during periods of change. Customers will be watching closely as the bank works to deliver on its promise of a seamless and reliable banking experience.