AIB to launch revamped app to compete with digital-only competitors

Bank says app gives customers easier access to payments, improved visibility of recently paid and upcoming payments, enhanced security, access to savings accounts within the app, as well as the option to invest money

AIB’s chief operating officer Graham Fagan with AIB’s managing director, retail banking Geraldine Casey.

An AIB executive has denied the bank is “playing catch-up” to its digital-only competitors, as it prepares to launch a revamp of its app, adding the company’s overall offering is “unique in the market”.

AIB’s new mobile app is set to start rolling out to all customers in a phased basis beginning at the end of this month.

The bank says on top of the app’s redesign, it gives customers easier access to payments, improved visibility of recently paid and upcoming payments, enhanced security, access to savings accounts within the app, as well as the option to invest money through its AIB Life hub.

The new app will also utilise Zippay for instant payments between the three pillar banks. However, AIB were not able to provide figures detailing the usage of Zippay among its customers. 

AIB added customers would see their spending categorised with brand names and locations. They will also be able to set up a budget for various expenditures and an AI chatbot to help customers with issues. 

The bank said the chatbot would not have access to customers’ data or payment information.

It said it was planning on bringing more features to the app — such as enhanced capabilities for children and their parents to ensure they have ongoing oversight and control, as well as savings pots and spaces — early next year.

Many of the features touted in this app revamp are already available in AIB’s digital-only competitors such as Revolut and Monzo.

When asked about whether AIB was playing catch-up in the digital space to the likes of Revolut, managing director of retail banking at AIB Geraldine Casey said: "We're certainly not playing catch up”.

“I think what we have is an overall offering that's unique in the market. We pride ourselves that actually customers can bank with us how they choose, so it's not just digitally.”

“We have customers who come into our branches every day. They engage with us with the customer engagement centre, we’ve a 24-hour fraud line, where someone can talk to somebody anytime. I think it's the combination of our offerings that we're really proud of.” 

AIB still has 170 branches across the country.

In terms of customers in Ireland, Revolut reportedly has 3.4 million. While AIB also has 3.4 million customers, it said it had 2.8 million registered to use the app.

AIB said the new app had been developed in collaboration with 3,000 customers over the last 18 months.

Back in March, AIB announced it would be shifting from quarterly fees on customers accounts to a charge of €6 per month. This is due to be introduced on July 1.

Ms Casey said its fees would not go up as a result of the additional features being rolled out to customers.

"Our change of fees and charges is absolutely as a result of our customer feedback, so they wanted to be more transparent, they want certainty in relation to fees,” she said.

On the additional features still to come, Ms Casey said they were “very conscious” is going to be a change for customers and for some customers it can be hard.

“We're doing it in bite-size, but we're already building what's coming next.”