GTBank admits challenges in core banking transition, apologizes to clients 

Guaranty Trust Bank (GTBank) has admitted dealing with difficulties in its current transition to a brand new core banking system, Finacle Suite of Core Banking Software Techniques, which prompted disruptions to its providers.

Whereas apologizing to its clients, the bank in an announcement launched on Wednesday acknowledged the inconveniences skilled by clients and expressed gratitude for his or her endurance and continued help throughout the difficult interval.

GTBank reaffirmed its dedication to enhancing the customer expertise, stating that the system improve was essential to reinforce agility, adaptability, and repair supply.

What the Bank is saying 

Reassuring its clients that the transition was aimed toward attaining a seamless and superior service expertise in the long run, GTBank defined:

“After we started the method of implementing the brand new Finacle Suite of Core Banking Software Techniques, our objectives had been clear: to stay agile as we develop, adaptable, and most significantly, to enhance your service expertise. But, we should humbly acknowledge the challenges alongside the best way.  

“The method, although essential, introduced with it delays in transaction processing and interruptions to what must be seamless service and we sincerely apologize for this. 

“We acknowledge how deeply this era of service disruptions affected your private actions and enterprise operations and we thanks for standing with us by all of it, providing grace in occasions of frustration. Thanks for believing in us and permitting us the privilege of continuous to serve you. We’re grateful past measure.”

Backstory 

GTBank had on October ninth, 2024 notified its clients of an impending migration of its core banking utility system to a brand new one, which might trigger a brief disruption in banking providers.

• The transition to a brand new and strong suite of Finacle Core Banking Software Techniques was set to start on Friday, October 11, 2024, and was anticipated to be accomplished by Monday, October 14, 2024.

• Nonetheless, the Bank needed to prolong its preliminary timeline of service restoration, saying the transition was taking longer than anticipated.

• Throughout that interval, clients of the Bank struggled to transact, many had been pissed off as they may not withdraw their cash within the bank.

What it’s best to know 

GTBank was not the one Nigerian bank that had transitioned to a brand new core banking system in current time.

• Clients of tier-2 Sterling Bank had been the primary to expertise the disruptions that lasted for days earlier in September because the lender commenced the migration of its techniques from T24 to SEABaaS, a brand new custom-built core banking utility domestically developed.

• Equally, clients of Zenith Bank woke to a harrowing expertise of service outage on October 1. The Bank would later announce it was finishing up a ‘routine IT upkeep’ the outcomes of which the purchasers are but to get better from as of the time of filling this report.

• Zenith is migrating its system from Phoenix, a software program developed by London-based Finastra, to Oracle’s Flexcube.

Trade sources have additionally hinted that different banks are planning to transition however wouldn’t need to announce it so as to not trigger panic withdrawals by their clients.