Why Nigerian banks dey under go system upgrade
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Executive member of one of Nigerian big banks don tok why financial institutions dey undergo system upgrades.
Oluwatosin Ayodele wey be bank Information technology personel explain say di reasons sometimes dey include technology advancement, expansion, regulation and odas.
Ayodele add say e dey important to note say system upgrades fit sometimes cause katakata for services, but di long-term benefits dey pass di short-term inconvenience as na both customers and banks dey enjoy am.
- Technological Advancement: E dey important for banks to upgrade dia system as na part of improvement. And to upgrade to newer systems fit help dem streamline processes, reduce operational costs, and improve overall efficiency, Ayodele tok.
- Improved Security: Anoda tin be say modern systems most times dey carry advanced security measures wey go help dem protect customer data and stop fraud.
- Scalability: Ayodele further explain say as banks dey grow, dia systems need to dey able to handle more workloads. And upgrades fit make say di infrastructure dey scalable.
- Regulatory Compliance: Na part of requirement for banks to comply wit different regulations, wey di Central Bank of Nigeria (CBN) set. And dis dey sometimes happun wit operational upgrades.
- Risk Management: New systems fit get better risk management features, wey go help banks tackle some kind risks wey dey in line wit regulatory requirements.
- Customer Experience: Sometimes, most banks dey carry out individual system upgrade sake of wetin dia customers dey experience wen dem dey use dia platforms.
- Improved Services: Upgrades fit lead to better customer experiences, like faster transaction times, improve di online banking platforms, and more convenient services.
- Innovation: New systems can enable banks to offer innovative products and services that meet the evolving needs of their customers.
- Competitive Advantage: Banks dem dey upgrade dia system so dem go fit stay ahead of dia competitors. Dis banks fit differentiate demselves and attract new customers through dis method.
- Reduce cost: Systems wey dey efficient fit help banks reduce costs and improve dia profit.
- Security: Also security na one big tin wey banks no dey play wit, so, time to time system upgrade na key area wia dem dey take manage and secure dia platform.
Nigeria banks bin dey shut down dia systems for upgrade, but dis upgrades so far don affect many customers.
As at Friday, queues for bank dey long and internet banking wey pipo suppose rely on dey slow.
Customers both online and offline dey lament ova di system upgrade as e dey delay salaries, utilities bills, among odas.
Guaranty Trust Holding Company Plc (GTCo) announce say dem go close early for dia branches for major system upgrade dis week.
GTB tok say dem plan to upgrade to Finacle Core Banking Application System from October 11 to October 13 and dem go reopen on October 14.
Di bank tok say dem go get 11-hour service downtime on October 13, wey fit affect customers digital and internet transactions.
“We go like to inform you dat all our branches nationwide go close to customers early on Friday, October 11th, 2024 as we begin di transition to new and robust suite Finacle Core Banking Application Systems,” di statement tok.
From time to time, banks need do platform upgrade to improve security and make banking processes smoother, di banks tok.
Also, Access bank bin announce give dia customers say dem go upgrade dia system.
Di bank later announce dem postpone di system upgrade but still customers dey complain about dia slow digital and internet transactions on social media.
"We wish to inform our valued customer say di previously announced system upgrade, initially scheduled to start on Saturday, October 12, we don postpone. We go communicate new date for di upgrade in due course," di statement tok.
A week ago, customers of Zenith bank experience difficult banking network but di bank tok say dem don restore dia performance.
Many pipo para sotay dem almost begin attack di bank, social media videos show. Di bank don since return to offer normal banking services.
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Failed transcations for banks depsite e-banking
Many banks for Nigeria dey transfer large amounts of sensitive customer data to anoda data space, while many dey fear di vulnerabilities of dia transactions during dis period.
However millions of bank customers, working class, roadside small businesses and traders dey fear becos dem no get cash for hand to run dia lives and banks no dey close to wia dem dey live.
Ayo, wey be Zenith bank customer tok say becos of di money wey e neva collect for di past 48 hours e neva chop and still Zenith bank neva respond to am afta di failed transaction on October 8.
"I dey fraustrated, I no get anytin to chop. Dem send money from Palmpay to my account since October 8. I neva see di money and Palmpay say di transcation dey successful. Zenith neva tok anytin."
Anoda customer wit Access bank, Temitope Feffi share her experience about how di downtime wey delay di payment of her staff salaries for days and e don also affect her own personal business transactions as event planner.
"Di pipo wey I send money neva receive di money wey I send, but fortunately some don receive di money but odas neva see di money," she tok.
"I send di money multiple times to di bank but no dey successful. I get pipo wey I wan pay as event planner but I neva pay dem and e don make me sick like dis."
Central Bank of Nigeria begin campaign for e-banking to ease transactions, efficient services and support cashless policies for di economic growth.
Dis incidents fit make customers begin habour dia money for house and no carry am go keep for house becos of di sensitivity of transactions and access to dia money
