AIB records largest number of account openings in a week amid exit of banks

In the week to 29th May, approximately 11,000 customers opened a bank account with AIB, compared to an average of 5,000 per week last year. Picture: Reuters/Clodagh Kilcoyne 

AIB reported the largest ever number of account openings in a single week, it announced today.

In the week to 29th May, approximately 11,000 customers opened a bank account with AIB, compared to an average of 5,000 per week last year.

The sharp rise in account openings comes as Ulster Bank and KBC move forward with preparations to leave the Irish banking market.

For the week ending 29th May, AIB reported an increase of 122% in bank openings compared to the same week last year. 

The bank has recorded a 61% increase in the number of account openings during the year to date.

AIB has reported that it has been experiencing a steady upward trend in account openings over the last ten weeks as Ulster Bank and KBC have stepped up their preparations to withdraw from the Irish banking market.

Approximately 470,000 current accounts are due to move from Ulster Bank and KBC to other financial providers over the coming months, causing an unprecedented level of changes in the Irish banking sector. 

So far this year, customers have opened around 160,000 accounts with AIB, compared to approximately 99,000 accounts by the same time in 2021.

In order to cope with the number of new customers opening bank accounts, AIB has recruited up to 700 temporary staff and redeployed 300 existing staff.

Around 70% of customers will be eligible to open a current account online with AIB, while the remaining customers can open an account in person at one of AIBs branches. 

AIB’s Managing Director of Retail Banking, Jim O’Keeffe, said: “The changes in the banking market represent a huge opportunity for AIB to welcome hundreds of thousands of new customers and we are working to ensure they have as seamless an experience as possible. We are already seeing significant momentum, with our current weekly account opening trends more than double 2021 levels and 70% of personal customers now able to open a new bank account using our digital channels, which also helps free up capacity for those who wish to engage face-to-face with our branch colleagues. 

"AIB is uniquely positioned to support customers in local communities given that we have branches in 95% of the locations the departing banks are leaving.’

 “We will be providing further service improvements as we continue to deploy resources across AIB’s 170 branch locations and three call centres to support our customers during this unprecedented transition period," he added.