Banks agree that more work is needed to help customers move accounts

A roundtable was held today to discuss the large-scale migration of customer accounts ahead of the exit of KBC and Ulster Bank from the market

The need for a more collaborative approach with agreed timelines across all of the institutions was discussed, as was a more inclusive system-wide approach to the consolidation.

Better planning and communication are needed to help customers migrate their bank accounts ahead of the imminent exits of Ulster Bank and KBC from the Irish market, according to the Central Bank.

A roundtable was held earlier today between the regulator and the CEOs of the five main retail banks to discuss the large-scale migration of customer accounts.

The meeting was organised as part of the Central Bank's supervisory programme on the upcoming retail bank consolidation.

There was an agreement between all of those involved that better planning and more proactive communication practices were needed to help customers navigate the situation.

“We acknowledge the work undertaken to date by the banks and the continued efforts of staff to support customers in challenging circumstances. It is clear that a lot of work is being done," said Derville Rowland, Director General, Financial Conduct.

"But we must also accept that the customers affected by these issues did not ask to be in this situation. They have rights which must be protected and expectations built up through their relationships and interactions with the banking system that must continue to be met as this exercise proceeds."

The need for a more collaborative approach with agreed timelines across all of the institutions was discussed, as was a more inclusive system-wide approach to the consolidation.

It was also acknowledged that more work was needed in the area of customer-focused arrangements and communication so that customers understand the banks' processes and feel supported in moving banks.

“The Irish banking system faces a challenge in ensuring this migration of bank accounts goes well," Mr Rowland said.

"But it is a challenge that must be met so that the banking system delivers for its customers.”