Bank of The Bahamas (BoB) Managing Director Neil Strachan said the bank’s new core banking system, from technology company Oracle, is experiencing technical challenges and expert technicians are assisting the bank to rectify the issues.
Strachan told Guardian Business yesterday: “We apologize for the disruption following our recent upgrade to Oracle’s core banking system. The upgrade was intended to enhance security, reliability and service delivery, but instead we have experienced major technical challenges impacting day-to-day operations. Oracle’s expert technicians are actively assisting us to diagnose and resolve the issues.”
BoB recently experienced severe, widespread system disruptions stemming from the online core system upgrade. The transition triggered unexpected technical issues. Users have faced difficulties logging in to their online accounts or using mobile app features. The processing of card payments, standard transfers, and business transactions have faced lag times.
Strachan added: “Significant advances have been made with critical issues like wires and online banking payment processing. We are working through what we deem to be the remaining noncritical issues and simultaneously correcting operational impacts affecting clients. Our hope is to have them resolve soon.
“Customers can expect continued updates as we restore full-service capabilities. We remain committed to minimizing disruptions and restoring normal operations as quickly as possible.
“We sincerely apologize for the inconvenience caused. We appreciate our customers’ patience and understanding as we work to resolve.”
