Bank of Ireland invests extra €34m in customer supports amid increased demand

The move comes days after the Central Bank said lenders' inadequate support was contributing to rising short-term mortgage arrears levels

Bank of Ireland said it now receives more than 11,000 customer calls a day. Picture: Julien Behal/PA

Bank of Ireland announced it will invest an additional €34m in customer service improvements amid increased demand following the exit of rival lenders.

The departure of Ulster Bank and KBC from the retail banking market in the Republic led to other lenders absorbing an influx of customers and Bank of Ireland said it now receives more than 11,000 customer calls a day, prompting it to announce “the largest single investment” into its technology used by staff in branches and contact centres.

The injection of cash also comes after the Central Bank published a review last week that found lenders have contributed to rising short-term mortgage arrears levels by failing to provide adequate customer support services.

The investment will enable 2,800 staff in branches and contact centres to access data faster to speed up call resolutions and make more services available every hour of every day. It also aims to use voice biometrics to improve customer authentication for better fraud protection and reduce call waiting times.

“This investment will make things faster and better for customers and for colleagues,” said Susan Russel, chief executive Bank of Ireland Retail Ireland.

The latest investment will bring the total spend by Bank of Ireland on customer service improvements to approximately €150m by the end of 2025.

In January, Bank of Ireland said it would allocate €60m to branch improvements, including into ATMs despite the push by the Banking and Payments Federation Ireland to reduce the use of cash.

The bank also announced spending of €50m on customer fraud prevention and protection amid an increased number of scams arising out of the cost-of-living crisis.

Meanwhile, Bankinter, Spain's fifth-largest lender which also operates Leitrim-based mortgage broker Avant Money is set to enter the retail banking market in the Republic, providing much needed competition among the three main lenders. 

Bankinter said the move would provide Avant Money with a full banking licence, which would allow it to offer a wider range of financial products and services here into the future.