Major Investments by Bank of Ireland in its Retail Ireland Division
The Bank of Ireland has announced a significant investment of over €370m ($434.8m) in the Retail Ireland division. This funding is part of the bank’s strategic cycle running from 2023 to 2025. The investment covers a wide range of areas including technology upgrades, fraud prevention, telephony, customer relationship management systems, payments, mobile app development, and mortgage services. This is a major move to bolster the bank’s retail operations and offer improved services to its customers.
New Products and Services Rollout
As part of this massive investment, the Bank of Ireland has introduced an array of new products and services. These include EcoSaver, a unique mortgage offering that bases rates on Building Energy Ratings (BER), and Smart Start, a current account designed specifically for children and young teenagers. The bank has also launched the ‘Coming to Ireland’ service to facilitate prospective customers to apply for a current account up to 45 days before relocating to Ireland. Since its launch in April this year, this service has been used by 2,500 consumers from 120 countries.
Investments in Customer Service and Technology
One of the significant focuses of these investments has been customer service systems and technology for frontline staff. Enhancements to telephony and customer relationship management (CRM) systems now provide staff with a consolidated view of customer information, enabling faster and more efficient service delivery. The bank has also noticed that more services are now available around the clock, thanks to voice biometrics that improve security and efficiency.
Physical branches have undergone refurbishment as part of an upgrade programme, and new ATMs have been installed to increase cash processing capacity and improve accessibility.
Security Measures and Fraud Prevention
In an era when digital security is paramount, Bank of Ireland has committed €50m specifically to fraud prevention. It now maintains a team of 225 fraud specialists, offering customer support at all hours. The bank has also introduced security measures, such as Verification of Payee and Fraud Payment Interrupt, in its payment services. Additionally, it now offers SEPA (Single Euro Payments Area) Instant transfers, a fast and secure method for making Euro payments.
Digital Services and Future Plans
Keeping up with the digital era, Bank of Ireland has digitised several areas of service, including account onboarding, statement delivery, and account updates. The bank’s nCino platform has been implemented for small businesses and agricultural clients, and digital services are continually being expanded with features like spend alerts and eVault. Furthermore, a new mobile app is scheduled for release.
The bank’s Retail Ireland division chief executive, Susan Russell, stated that they are excited about what lies ahead. The bank is committed to serving customers faster, protecting them better from fraud, and enabling payments across Europe in seconds.
From improving energy efficiency to supporting people trading down and providing tailored products for various demographic groups, the bank is addressing the challenges faced by its customers in meaningful ways.
These investments and changes reflect Bank of Ireland’s commitment to building a truly sustainable company that is inclusive, responsible, and future-ready. It is clear that the bank is invested in providing an unrivalled banking experience to its customers, making it a trusted and reliable choice for individuals and businesses alike.Here
