€370million invested in Bank of Ireland’s retail division during three year strategic cycle

Bank of Ireland has invested over €370m in its Retail Ireland division over its current threeyear strategic cycle (2023 – 2025).  The investment spans fraud protection, technology and telephony, mortgage services, App investment, payments and CRM.

A number of first-to-market products and services launched during that time, including EcoSaver – mortgage rates based on BER; Smart Start – current account for children/young teens; ‘Coming to Ireland’ service – customers can apply for their current account 45 days before moving to Ireland.  2,500 consumers across 120 countries have applied for a current account through the Coming to Ireland service since its launch in April. The Bank also recently launched a new lending product to support homeowners trading down and drive better use of existing housing stock in the market.

Bank of Ireland’s Retail Ireland division made significant headway over the period, driven by investment and innovation, improved customer experiences and market leadership across key products. This included the largest single investment the Bank has ever made in enhanced customer service systems and technology for frontline colleagues.

Susan Russell, Chief Executive Retail Ireland, Bank of Ireland said: “As part of our strategy, we launched a completely new type of mortgage that rewards customers for improving the energy efficiency of their homes, helping us become Ireland’s number one mortgage provider. Addressing the challenges faced by homeowners who need a property better suited to their needs, we announced a new lending product to support people trading down. And we’re providing tailored products for farmers, young people, and those returning or relocating to Ireland.

“We’ve also invested in our branches and contact centres and are rolling out a brand-new ATM fleet across the island. And through strategic deployment of new technology and AI, we’re serving customers faster, protecting them better from fraud, and enabling payments across Europe in seconds.

“Over the past three years, we’ve focused on building stronger relationships by listening more closely and responding for customers in meaningful ways. We’ve delivered a simpler business by removing friction and making everyday banking faster and more intuitive. And we’re building a truly sustainable company, one that is inclusive, responsible and future-ready. This journey is far from over, but we’re proud of how far we’ve come and very excited about what lies ahead.”

Retail Ireland delivery against strategy:

Product and service innovation:

• Announced new lending product to support homeowners trading down and drive better use of housing stock in the market.
• Launched innovative products including EcoSaver (mortgage rates based on BER) and Smart Start (current account for children/young teens).
• New ‘Coming to Ireland’ service allows customers to apply for their current account 45 days in advance

Customer service investment and transformation:

• The Bank’s largest single investment in enhanced customer service systems and technology for frontline colleagues.
• Improved telephony and CRM systems = faster customer service. ‘Single view’ of the customer at the touch of a button.
• More services available 24/7, voice biometrics improving security and efficiency.
• Branch upgrade programme including refurbishments and accessibility enhancements.
• New ATMs = greater cash processing capacity, energy-saving technology and better accessibility.

Better payments and fraud protection:

• SEPA Instant transfers now available, and advanced security with Verification of Payee and Fraud Payment Interrupt.
• €50 million investment in fraud prevention and protection.
• 225 fraud colleagues and 24/7 customer support.

Mortgage and lending excellence:

• Improved brokers tech platform, new credit scoring model, and automated document reading = accelerated mortgage decisions.
• Maintaining the #1 position in Irish mortgage lending.
• nCino platform successfully deployed for small business and agri customers.

Digital experience and mobile innovation:

• Spend alerts and eVault for secure digital correspondence. New Mobile App launching soon.
• Customer journeys simplified and digitised, including personal current account onboarding, statements, address changes, account name updates.

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