Guaranty Trust Bank (GTBank) has informed customers of an upcoming core banking system upgrade, scheduled to take place from Friday, October 11 to Monday, October 14, 2024. The GTBank core banking system upgrade will temporarily disrupt services during this period as the bank migrates to a more advanced suite of Finacle Core Banking Application Systems.
Temporary Disruption of Banking Services
In a statement, GTBank explained that all its branches nationwide will close early at 12:00 p.m. on Friday, October 11, and will reopen at 9:00 a.m. on Monday, October 14. During this upgrade, customers may experience downtime in banking services, including online transactions. As a result, GTBank advises customers to plan their transactions ahead of the scheduled shutdown and avoid banking activities during the transition window.
Purpose of the Core Banking System Upgrade
GTBank’s transition to a new core banking system aims to improve service delivery and enhance the customer experience through the use of cutting-edge technology. The bank stated, “We apologize for any inconvenience this may cause and appreciate your understanding during this period.” By upgrading its core banking system, GTBank hopes to drive digital transformation and improve its ability to serve customers.
Customer Communication During the Core Banking System Upgrade
Throughout the upgrade, the bank will maintain constant communication with its customers to keep them informed of any progress. GTBank reassured its customers that this system upgrade is part of its commitment to adopting advanced technology for a smoother banking experience.
Industry-Wide Trend of System Upgrades
GTBank is not alone in pursuing system upgrades. Earlier this year, Access Bank announced a similar upgrade scheduled for Saturday, October 12, 2024, with temporary service disruptions. Likewise, Zenith Bank and Sterling Bank have also upgraded their core systems to meet modern banking demands. The Central Bank of Nigeria (CBN) has reportedly encouraged this move as part of a broader initiative to improve the nation’s banking infrastructure.
To avoid any interruptions during the upgrade, customers are advised to complete transactions before the scheduled shutdown and refrain from using online banking services during the transition window. The upgrade is set to enhance GTBank’s operational efficiency, allowing it to better meet the growing demands of the digital banking landscape.