On October 14, GTBank, a leading Nigerian bank valued at ₦1.5 trillion, made a significant leap by switching to Finacle, its new core banking platform. This transition took a year of careful planning. GTBank’s tech team worked closely with engineers from Infosys, the Indian IT giant behind Finacle. Their efforts culminated in a weekend dedicated to migrating customer data.
Despite GTBank’s assurances to its 32.8 million retail customers, the reality was quite different. Customers experienced failed transfers and incorrect debit and credit alerts. This sparked outrage on social media. Unfortunately, GTBank has not provided further updates since Wednesday, leaving frustrated customers voicing their complaints.
Switching core banking platforms involves several steps. Data migration and channel integration are the most challenging. While data migration went smoothly, integrating GTBank’s channels—such as cards, online banking, and APIs—into Finacle proved more complex than expected.
Teams have not fully integrated all channels into Finacle. An engineer at GTBank stated they expect to complete the integration in the coming weeks, but they did not provide a specific timeline.
GTBank has not responded to requests for comments on the ongoing issues.
“Integrating channels into a new core banking platform is tricky, especially for a bank like GTBank with many channels,” said a consultant from Temenos, a leading core banking solutions provider. “A banking transaction cannot occur without functional channels.”
Some banks choose to shut down all channels during a core banking switch to ensure a seamless migration. However, GTBank opted to keep services operational. During the data migration, which used information from October 11, customers made transactions without timely alerts. Consequently, many users reported receiving erroneous alerts only after the switch to Finacle was finalized.
Teething Pains of Channel Migration
GTBank’s challenges highlight the complexities and costs of large-scale technological changes. Planning for such a switch can take up to a year. Banks often pay up to ₦25 billion annually for software licenses alone. Consultants and engineers involved in the process, like the Infosys team, typically earn $50 per day, plus accommodations, airfare, and feeding expenses. “No cost was spared,” said one source involved in the process.
Since the migration weekend, GTBank has provided accommodations for its core banking team and Infosys engineers at nearby hotels. Teams worked tirelessly over the weekend and into the following week. In one instance, an engineer had to be woken up for urgent assistance just 20 minutes into a brief nap during the intense migration process.
As GTBank navigates these challenges, it focuses on restoring seamless service for its customers while managing the complexities of technological upgrades.
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