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Home » GTBank tenders Apology to customers after weeks of Service disruption

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GTBank tenders Apology to customers after weeks of Service disruption

GTBank’s decision to switch to Finacle was reportedly facilitated by a direct partnership with Infosys in late 2023, following visits by the bank’s top executives and technical team to India.

November 28, 2024
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Guaranty Trust Bank (GTBank), one of Nigeria’s leading banks with over 32 million customers, has formally apologized for a prolonged weeks of service disruption caused by its migration to a new core banking system.

The transition, which aimed to enhance service delivery, left millions of customers unable to access their funds or complete transactions which eventually sparked widespread frustration.

This is not the first time GTBank has faced backlash over technological upgrades. In the past, the bank experienced similar challenges when it launched a new mobile application for Android and iOS devices.

At the time, users reported issues ranging from app crashes to difficulties accessing basic banking features and more.

Although the mobile app has since become more stable after multiple updates, with new features added to enhance user experience, the initial rollout was a mess and that’s pure negligence from GTBank. It’s that simple, they obviously cannot anticipate and mitigate the risks associated with system upgrades.

The recent core banking disruption, however, is of a far larger scale, given the fundamental role such systems play in banking operations. Critics argue that GTBank should have implemented robust contingency plans to anticipate potential challenges and ensure smoother migration. As one dissatisfied customer stated, “This is a core update, not a minor patch. They should have planned for the worst-case scenario.” — and the customer is right. GTBank could have done better.

In a statement released on Wednesday, the bank acknowledged the inconvenience caused and commended its customers for their extraordinary patience during the difficult period.

Dear Valued Customer,

Thank you.#GTCOCares pic.twitter.com/tEgxG7Mq3U

— Guaranty Trust (@gtbank) November 27, 2024

The disruption was caused due to GTBank’s adoption of Finacle, a core banking platform developed by Indian technology giant Infosys. This was a big move and adaptation in the bank’s operations, as the migration to Finacle was designed to streamline processes and improve the overall banking experience.

GTBank’s decision to switch to Finacle followed a strategic collaboration with Infosys in late 2023, facilitated by a visit from the bank’s top executives and technical team to India.

While the new system holds promise for improved service delivery, the extended downtime disrupted the core purpose of banking: ensuring uninterrupted access to funds.

The incident has raised questions about the bank’s preparedness for such a critical migration and its contingency measures for mitigating disruptions. GTBank’s silence during the initial weeks of the disruption only intensified customer grievances.

GTBank must prioritize transparency, robust planning, and proactive communication when implementing large-scale updates if it wants to keep its customers. The recent apology, though overdue, may serve as a step towards rebuilding trust with its customers. And just so they know, other banks out there are widely available and are open to accepting new customers.

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