As part of Bank of Ireland’s Annual Results published this morning we also announced a range of significant changes to our branch network and the provision of local banking services to our customers. We’re getting in touch with you today as an important stakeholder to us to let you know about these changes and how they respond to the acceleration in the uptake of digital banking, while also protecting access to banking for communities in every part of the country.
From September 2021, the number of Bank of Ireland branches will reduce by 88, the first significant change to the Bank’s physical footprint in almost a decade. The branches closing are predominately self-service locations which do not offer a counter service. The Bank will continue to have a strong nationwide presence of 169 branches.
This will be complemented by a new partnership with An Post – which will be launched in the coming months – and which will offer all Bank of Ireland customers banking services at more than 900 locations across Ireland. This will include over the counter cash and cheque lodgements, and cash withdrawals. Post offices offer longer weekday opening hours than traditional bank branches along with Saturday opening. The closing Bank of Ireland branches all have a post office within, on average, less than 500 metres.
While we have kept our branch network largely unchanged over the past decade, we’ve now reached a tipping point in customer preference between online and offline banking. Our mobile app is our most popular way to bank, with almost half a million customer logins every day and traffic up by a third in the past two years. Seven in ten personal customer product applications are made digitally, and we expect this to grow to over eight in ten by the end of this year. In contrast, in the two years before the pandemic, the number of people visiting branches had reduced by almost a quarter. This decline has accelerated over the past 12 months, with the number of visits to branches just over half of what they were in 2017. Footfall in the branches due to close has reduced by even more (60%).
To keep pace with rapidly changing customer banking preferences, the Bank is continually investing in new services. Last year the Bank launched a new mobile app with 50% more functionality, including Apple and Google Pay. Today, customers can open a current account online in six minutes. Additionally, customers can complete the entire mortgage process online. By the end of 2020, 45% of all first-time buyer applications were online.
We know news like this can cause concern for some customers. We’re not making these changes immediately – no branches will close in the next six months. That allows us to ensure the An Post partnership is up and running before any branches close, and also gives us time to write to all of our customers about every option available to them online, in a nearby branch, or at a local post office. Additionally, to further support over-65s and carers, the Bank has a dedicated support line on 1800 946 146 (open 9.30am to 4.30pm, Mon-Fri). Further details on these changes can be found on our website at
www.bankofireland.com/servicechanges
Bank of Ireland has provided a range of financial services to our customers for over 237 years. Over the past year, our focus has been on helping customers navigate the challenges of COVID-19 while supporting economic recovery. The changes announced today will ensure that we can continue to play a strong role – in serving our customers and supporting the economy – for the years to come.
Best regards
Gavin Kelly
Retail Ireland CEO
Bank of Ireland
