Nigeria's GTBank, with a market capitalization of ₦1.5 trillion, has completed its switch to Finacle, its new core banking platform, after a year-long process. However, the transition has not been without its challenges. Despite assurances from the bank that customers could complete transactions on October 14, many have reported failed transfers and erroneous debit and credit alerts, sparking frustration and complaints on social media.

The integration of channels, including cards, online banking, and APIs, into Finacle has proven more difficult than anticipated, with the teams still working to complete the process. This has resulted in a lack of updates from the bank, leaving customers in the dark.

Industry experts note that integrating channels into a new core banking platform is one of the trickiest parts of a core banking switch, especially for a bank like GT with many channels. The bank's decision to allow customers to transact without receiving debit or credit alerts during the data migration has added to the complexity.

The struggles faced by GTBank highlight the complexities and costs associated with massive technological changes. The planning process can take up to a year, and banks can pay as much as ₦25 billion annually for software licenses. The incident serves as a reminder of the importance of seamless integration and effective communication during such transitions.