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Consumer Affairs Commission seeks meeting with Republic Bank over faulty system upgrade

Dec 05, 2019 News

The Competition and Consumer Affairs Commission has reached out to Republic Bank to hold a meeting in light of the recent hiccups in the latter entity’s system and its effects on customers.
Speaking with Kaieteur News, Ms. Allison Parker, Communications Officer within the unit, indicated that a request has been sent to Republic Bank calling for a meeting in wake of numerous issues that consumers and stakeholders are experiencing in the wake of the upgrade of their banking system.
According to Parker, the request was sent about one week ago, and only Monday a response was received from the bank requesting “clarity” on the meeting’s agenda before a date can be set.
Republic Bank Guyana advertised to customers its intention to upgrade its banking system. In a statement released the bank had indicated that it would be “migrating to a new Core Banking System effective November 2, 2019”. According to the bank, this new system offers “increased transaction efficiency and enhanced product offerings, to allow us to serve you better”.
On the contrary, the system has brought about a plethora of challenges, including customers complaining of being unable to access accounts, delays in the processing of payrolls, wire transfers and inconsistencies in ATM services among others.
Meanwhile, Guyana Manufacturing and Services Association Executive Member, Mr. Ramesh Dookhoo expressed disappointment in the delayed apology by Republic Bank, and little to no action by the Consumer Affairs Commission. He explained that it is evident that the bank’s system upgrade “did not go as planned”, since there have been numerous complaints by customers. He highlighted that the inconveniences are many, particularly commenting on the loss of man-hours by employees of other entities, since they are constantly held up in lengthy ATM lines.
On November 7th, the bank in a notice informed customers on its transition to the new banking system effective November 4, 2019. “As with the introduction of any new system, we are experiencing some challenges. We recognize the impact to our service delivery, and wish to assure you our valued customers and stakeholders, that we are committed to resolving these challenges in the shortest timeframe possible.”
The bank has promised to have these issues resolved by mid-December.

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