Bank of Ireland UK has announced a £100m investment over the next three years to provide faster payment services for its retail and SME customers.
The investment will focus on enhancing the bank’s Everyday Banking products and services while expanding its offerings in sustainable lending, mortgages and broker solutions.
Bank of Ireland UK has said that retail and SME customers can expect faster payments, improved mobile app functionality for better self-service options and the launch of new products, including more sustainable lending choices.
Additionally, the investment will upgrade technology for staff, aiming to boost efficiency and streamline the banking experience for customers.
Gail Goldie, CEO of Bank of Ireland UK, said: “This investment is a measure of our ambition to continue to support our customers in Northern Ireland and sustainably grow our business. We remain a trusted financial partner to our customers because we’ve continually evolved to meet their needs and help them achieve their goals – like home ownership, starting and growing a business, and planning for the future.”
Headquartered in Belfast, the investment comes in what is an important year for the Bank of Ireland in Northern Ireland as it celebrates 200 years since the opening of its first branch in Newry.
Goldie concluded: “This year is an important one for the Bank of Ireland in Northern Ireland as we mark 200 years since we opened our first local branch in Newry in 1825. As we celebrate this milestone, and announce this significant investment in our products and services, we look to the future with ambition and confidence.”
Further investments
Recently, the bank invested £7m to upgrade 13 of its branches in Northern Ireland. Additionally, it allocated £3m last year for ATM enhancements, coinciding with a €60m investment in cash services across Ireland.
Earlier this month, the Bank of Ireland unveiled a new anti-fraud initiative in its home market of Ireland, addressing the growing issue of fraud that has affected both Ireland and the UK in recent years. In 2023 alone, fraudsters stole nearly €100m through various scams, according to the bank’s data.
To combat this, the Bank of Ireland plans to invest €50m between 2024 and 2025 in fraud prevention measures. This includes funding a 24/7 dedicated fraud team that monitors and intercepts fraudulent activity and provides round-the-clock support for customers to report and address potential threats.