Bank of Ireland has invested more than €370m ($434.8m) in its Retail Ireland division, as part of its current strategic cycle, which runs from 2023 to 2025.
The funding covers areas such as fraud prevention, technology upgrades, telephony, mortgage services, mobile app development, payments, and customer relationship management systems.
As part of this investment, the bank introduced several new products and services.
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These include EcoSaver, a mortgage offering that bases rates on Building Energy Ratings (BER), and Smart Start, a current account for children and young teenagers.
It also includes the ‘Coming to Ireland’ service, which enables prospective customers to apply for a current account up to 45 days before relocating to Ireland.
Bank of Ireland said that 2,500 consumers from 120 countries have used the ‘Coming to Ireland’ service for current accounts since its launch in April this year.
The bank also recently rolled out a lending product that supports homeowners who are trading down, to improve the use of existing housing stock.
Bank of Ireland Retail Ireland chief executive Susan Russell 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.”
The Retail Ireland division has introduced what it describes as its largest single investment in customer service systems and technology for frontline staff.
Enhancements to telephony and CRM systems have been implemented, providing staff with a consolidated view of customer information and enabling faster service.
The bank said that more services are now available around the clock, with voice biometrics deployed to strengthen security and efficiency.
Branches have been refurbished as part of an upgrade programme, and new ATMs have been installed to increase cash processing capacity and improve accessibility.
In payment services, Bank of Ireland now offers SEPA (Single Euro Payments Area) Instant transfers and has introduced security measures, including Verification of Payee and Fraud Payment Interrupt.
Bank of Ireland has committed €50m specifically to fraud prevention and maintains a team of 225 fraud specialists, with customer support available at all hours.
It has deployed improved technology platforms for brokers, a new credit scoring model, and automated document processing to speed up decision-making.
Its nCino platform has been implemented for small businesses and agricultural clients, and digital services expanded with spend alerts and eVault features.
Furthermore, account onboarding, statement delivery, and account updates have been digitised, with a new mobile app scheduled for release, the bank said.
Russell added: “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.”
In August this year, Bank of Ireland started the upgrade of its ATM network, with the installation of 650 new machines as part of a €60m ($66.5m) investment.
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