Bank of Ireland customers can now open a current account fully online, with new technology to upload photo identification and proof of address documents. The Bank’s new online current account system allows full end-to-end digital account set-up for customers. Bank of Ireland customers are changing the way they bank, with a significant increase in those moving to digital banking. Contactless transactions conducted by customers in the last year have increased more than 600% and contactless has outpaced the use of cheques by personal customers for the first time.
The Bank has seen an increase in the number of customers banking online with a 30% reduction in paper transactions. There has been a 41% increase in customers logging onto the mobile app and 21% increase in customers logging onto digital channels (online and mobile banking). Digital logons across all channels have increased by 53% over the last two years.
Discussing the new online account set up facility, Sean L’Estrange, Head of Current Accounts, Bank of Ireland said: “At Bank of Ireland we are constantly striving to make banking simpler for our customers, offering new and innovative ways to bank, at a time and place that suits them. We now offer our customers the option of opening a current account online or over the phone, making it easy to open an account from the comfort or their own home, or on the go.
“Customers have busy lives and want to access their money, carry out transactions and make purchases on the go, so we’re seeing a marked behavioural change in the ways that customers bank with us. Digital transactions such as online and mobile transfers are replacing cheques, while contactless is replacing cash for personal customers, who are choosing convenience over paper. Our pricing incentivises this customer behaviour with differentiation between automated and paper transaction fees. Digital transactions are 13 times better value for money compared to the cost of cheques and consumers are really starting to respond to this. Our data is showing a significant shift in consumer behaviour over the past two years in particular and we are continuing to invest in our technology to meet customers’ needs,” according to Sean L’Estrange.
The Bank of Ireland online current account application only takes a few minutes to complete. The new system follows other technology innovation within the Bank including a Skype and Facetime mortgage advisory service.