Customers worry as top-tier banks’ IT glitches linger

Customers of top-tier banks have expressed concern over the recurring glitches blocking access to their savings. Weekend Trust learnt that the online transactions of few top-tier banks have not been effective, leaving their users to experience delayed alert notifications and the inability to withdraw, while a lot of customers have migrated to financial technology (Fintech) […]

Customers of top-tier banks have expressed concern over the recurring glitches blocking access to their savings.

Weekend Trust learnt that the online transactions of few top-tier banks have not been effective, leaving their users to experience delayed alert notifications and the inability to withdraw, while a lot of customers have migrated to financial technology (Fintech) platforms.

Our correspondent reports that deposit money banks recently underwent technology upgrades, leaving customers stranded.

In an interview with some customers, they shared their experiences, describing the online transaction glitch as worrisome.

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Kehinde Adeyemo, whose mother sells foodstuff at Oshodi, stressed that the online transaction glitch had disrupted the flow of payment for products, adding that it has affected patronage.

Adeyemo added that her mother sought an alternative for payment, forcing her customers to purchase products in cash.

Adebayo Similoluwa, a student of University of Lagos, expressed displeasure over the inability to buy airtime from the money in her account, describing the glitch as unacceptable.

 

Some banks have not managed migration well – Analyst

Ayokunle Olumide, a financial analyst, described the ongoing upgrade by banks as a “necessary evil.” He said that while the upgrade process is inevitable, some of the banks have not managed the development well.

“What we have seen is that some banks have not managed the process well; particularly, they did not manage the customers’ engagement well. So some customers have moved to other banks while some are going to Fintechs; and if some banks are not managing it well, it might be difficult for most of them,” he said.

He said banks were moving to entirely new software and could experience longer recovery.

A source said the ongoing upgrade by financial institutions was designed and approved by the Central Bank of Nigeria (CBN), saying the ultimate aim is to improve “operational efficiency and enhance customer experience.”

The Guaranty Trust Bank recently embarked on upgrade and its service is just coming up. Zenith Bank also carried out an upgrade a week before, with sources saying another tier-one bank is in the process of embarking on upgrade with expected service disruption.