On October 14, 2024, GTBank, one of Nigeria’s largest banks with a market cap of ₦1.5 trillion, made a significant shift by migrating to Finacle, a new core banking platform from the Indian IT giant, Infosys. The transition was intended to improve service delivery to its 32.8 million customers. However, what was meant to be a seamless process quickly turned into a nightmare for many customers, who were left grappling with failed transactions, missing debit and credit alerts, and erroneous notifications.👉 For More READ FULL CONTENT FROM THE SOURCE ↔️
Despite GTBank’s assurances that transactions could resume as normal, the reality for many customers was quite the opposite. Social media platforms became flooded with complaints as users vented their frustrations. Days later, the bank remained mostly silent, offering few updates on the issue.
One of the biggest challenges in switching core banking systems is not just migrating data, but also integrating the bank’s various channels—such as online banking, card services, and APIs—into the new platform. While GTBank’s data migration was reportedly successful, the integration of these channels has proven more difficult than expected. An insider with knowledge of the process confirmed that while efforts are ongoing, there is no definite timeline for the full resolution.
A consultant for Temenos, one of the world’s leading core banking platforms, explained that integrating channels into a new system is one of the most complex aspects of such a switch. “No bank can function without channels,” the consultant noted, highlighting how crucial it is to get them right. Some banks choose to shut down all services during the migration to ensure a seamless transition, but GTBank took a different approach, allowing customers to transact even during the data migration.
This decision likely contributed to the chaotic aftermath, as customers reported receiving delayed or erroneous transaction alerts after the migration was completed. The bank had used data from the evening of October 11 for the migration process, and customers only received their transaction notifications days later.
The issues GTBank is facing underscore the complexities and financial implications of major technological upgrades. The planning phase alone took a year, with costs running into the billions. Banks like GTBank spend up to ₦25 billion annually on software licenses for systems like Finacle, with additional costs for consultants and engineers who assist with the transition.
GTBank’s team, along with engineers from Infosys, has been working around the clock, with some employees even forgoing sleep to meet the demands of the switch. However, with no clear timeline for full integration, customers are bracing for more potential disruptions, especially as salary week approaches—a period known for high transaction volumes.👉 For More READ FULL CONTENT FROM THE SOURCE ↔️
