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Bank of Ireland backs branches, sees contactless growth
in 2017 for upgrades to its branches and new facilities for retail and business customers. It is also launching a new branch in Cherrywood, South Dublin, set to open its doors in September. The FI will also install 90 new eLATMs (external Lodgement & ATM devices), which will provide 24/7 lodge and withdrawal capability at over 80% of Bank of Ireland branches by year end.
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Meanwhile, a Startlab incubator facility for startups will be launched above its Camden Street, Dublin branch. This builds on a Galway Startlab and one in New York, pitched at Irish companies looking to break into the US market.
Director of Distribution Channels at Bank of Ireland, Gavin Kelly, says: “It is important that our branch network continues to provide the most appropriate, modern banking services to customers and ongoing investment is a key element of this. Including this year’s investment of €10 million, we have made improvements to 75% of our branch network over the past two years. We have the largest branch network in Ireland, with a footprint in 250 communities across the country. The combination of this local presence, along with a strong digital strategy and contact centres distinguishes Bank of Ireland from our competitors and means we can be more responsive and flexible to meet our customer needs.”
Bank of Ireland has also reported a 142% increase of Scott Thompson ank of Ireland has earmarked €10 million
customer usage of contactless over a one-year period. In February, there were 4.25 million contactless transactions, up from 1.7 million recorded in February 2016. 30-39 year olds across all regions are the biggest users. 15-19 year olds have also embraced the technology with the number of customers increasing by 290%. Transactions have also significantly increased (383%) and this post-Millennial generation have increased the amounts they are spending on contactless payments, having quadrupled (406%).
The majority of customers that favour contactless payments are also more likely to use Bank of Ireland’s online banking service 365 online. There has been a subsequent slump in cheque usage, with a decrease of 27% of cheques issued by Bank of Ireland from February compared to the previous year. John O’Beirne, Head of Products, says: “Our latest figures demonstrate that customers are increasingly favouring what is seen as the most efficient method of payment for items below €30. The rate of contactless usage is increasing at a considerable rate and we can expect the figures to continue to increase across all demographics in the coming months. Businesses have also hugely benefited from increased contactless activity as they can process more transactions, benefit from reduced cash handling costs and are at a lesser chance for exposure to theft.”
www.ibsintelligence.com © IBS Intelligence 2017
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