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Trouble in GTBank Utopia as Aggrieved Customers Vows to Dump the Problematic Bank Despite Last Minutes Appreciation
…Bank Accused of Withholding Funds to Prevent Customer Migration
Guaranty Trust Bank (GTBank) is facing a potential mass exodus of customers, despite issuing a recent statement of appreciation and apology for disruptions caused by its ongoing system upgrade. The bank’s reassurances appear to have done little to pacify frustrated depositors whose financial activities have been severely disrupted.
In a statement shared on November 27 across its social media platforms, GTBank expressed gratitude to its customers for their patience during the transition to a new core banking system. The bank apologized for the service disruptions and pledged to deliver a seamless banking experience moving forward.
However, many of the bank’s customers remain unconvinced. Some believe the apology is merely a public relations move, with unresolved issues such as unrefunded deductions and unprocessed transfers still plaguing users.
One disgruntled customer, speaking to Society Gazette, described the statement as insincere, stating:
“How can you appreciate me when the core issues remain unresolved? My corporate account has been severely affected. Illegally deducted funds have not been refunded, and a transfer I made nearly two months ago is still pending. Instead of addressing these problems, GTBank chooses to issue hollow words of appreciation.”
Unresolved Issues Spark Widespread Frustration
Findings suggest that GTBank’s system upgrade has yet to fully stabilize, with numerous customers’ still awaiting refunds for hanging transactions and illegal deductions. Allegations have emerged that the bank is intentionally delaying refunds to deter customers from migrating to other financial institutions.
According to insiders, the delay in resolving customer grievances may be linked to fears within GTBank’s management that a swift resolution would accelerate the anticipated mass departure of dissatisfied clients.
Internal Challenges at GTBank
Sources disclosed that GTBank’s recent challenges stem partly from a depletion of its IT workforce. Over the past few years, many of the bank’s IT experts have left the shores of the country for better opportunities with the bank choosing not to immediately replacing them, leaving the department understaffed. This has reportedly contributed to the chaotic rollout of the new core banking system.
To address the crisis, GTBank, we reliably gathered had outsourced the system upgrade to Indian IT specialists who had been battling with it and that the bank only has recently hired new set of young personnel to bolster its struggling IT team. Despite these efforts, the transition has been fraught with setbacks, leading to customer dissatisfaction and reputational damage.
What Lies Ahead for GTBank?
As frustration among its customer base continues to mount, GTBank faces an uphill battle to minimize the number of affected customers that are bound to move their critical banking services away from the bank, though some will definitely stick with the bank provided they were able to stabilize operations. To win those who are still undecided the bank must prioritize resolving pending issues, such as refunding affected customers and ensuring smooth transactions, to stem the tide of discontent.
With a competitive banking landscape and alternatives readily available, GTBank was exposed to the risks of losing some of its long-standing customers.
This crisis serves as a stark reminder of the critical importance of customer trust and the potential repercussions of failing to deliver on promises in a digital-first banking environment.
