Bank of Ireland makes the smart move with new banking app

Bank of Ireland announces the arrival of its first mobile banking app which will be available to download for iPhone users from the app store from midnight tonight (Wednesday, 9th May 2012).  The new ‘app’ is destined to deliver high speed, secure bank account access, to the 500,000 personal customers currently registered for online banking.

The Bank of Ireland app will provide the most popular online services:

  • View balances & Review transaction history

This includes Current, Demand Deposit, Term Loan and Credit Card accounts and the facility to make transfers between accounts.

  • Pay Bills and Transfer Money

Transfer money to the payees and bills registered on 365 online profiles.

  • ATM/Branch Locator

An ATM and branch locator that maps the nearest Bank of Ireland ATM and branch and the facility to search by current location, town, street or branch name.

Commenting on the announcement, Gavin Kelly, Head of Direct Channels, Bank of Ireland, said: ‘With our new mobile banking app, we want to offer banking services to our customers through the technology they use everyday. The app offers them quick and easy access to money and account information at any location so they can take care of day to day transactions at a time and place that works for them.

This heralds the first phase of a new mobile banking proposition for Bank of Ireland which will deliver a range of initiatives over the next 12 months.      This app will be available for android users in the coming weeks and Blackberry users will be supported by a touch browser which will follow in coming months.   With over *740,000 smartphone users in Ireland today, 63% of them under 35 years of age, we aim to be a leading provider of smart technology that meets the needs of our growing customer base,” he concluded.

The changing needs and preferences of customers, coupled with growing technological innovations,  has led to increased popularity and adoption of direct channels and mobile banking technology.   A 2011 Capgemini report  noted that direct channels (online, phone, mobile) are expected to hold the highest share of global banking transactions volume by 2012.   While, traditional channels continue to hold the highest share of sales volume, online channels are catching up with growth of 12% in online sales volumes between 2005 and 2010 alone.      Currently 16% of all Bank of Ireland group website visits are from mobile devices and this trend is expected to continue throughout 2012.

A similar European study  also shows that on average 32% of active current account holders are regular online banking users and 17% use telephone banking. However, in highly advanced regions such as Scandinavia, the respective proportions are as high as 61% and 54% demonstrating the potential growth across these channels.    The same report noted that on average, 80% of all money transfers are currently conducted through online and telephone banking with around 1 in 5 sales now made through the internet or contact centre.

Customer attitudes to mobile banking have also become positive due to increased familiarity with smartphone technology, advancements in functionalities and enhanced security features. It is expected that by 2013, more internet browsing will be done on mobile devices than on desktops .

Trends in Retail Banking Channels: Improving Client Service and Operating Costs (Capgemini, 2011)
Customer Experience Measurement of Contact Centre and Internet, Finalta Viewpoint, December 2011 *Amas Report Winter 2011