€10m upgrade planned by Bank of Ireland
Bank of Ireland is planning to spend €10 million on upgrading its branch network. Works will include opening a new branch in Cherrywood, south Dublin this September. The Bank also plans to install 90 new external lodgement and ATM machines (eLATMs), meaning that 80% of its branches will have round-the-clock lodgement and withdrawal capabilities available to customers by the end of the year.
A third-party lodgement option to its eLATMs will also be made available, allowing customers to lodge funds to accounts other than their own by specifying the details on screen when completing the transaction.
Branches in Castlebar, Cobh, Kilkenny, Blanchardstown and Terenure are all set to be refreshed with enhanced internet facilities, while the bank’s branch in University College Cork is to be completely remodelled. The Bank has also added workbenches in branches in Cork and Limerick, which can be used by start-ups for free to get their businesses off the ground. A Startlab incubator space for new businesses at its Camden Street branch is also planned, along with a community event space in upper Baggot Street in central Dublin.
Gavin Kelly, Bank of Ireland’s director of distribution channels, said this latest investment means that 75% of its 250-strong branch network has been refurbished over the past two years. “When transaction levels in a branch drop below a certain level the easiest decision is to close it,” he said. “However, we don’t believe that is the correct strategy. When we look at trends within an area and find a drop in counter activity, we reinvent the space within the branch.
“Sometimes that means moving staff onto the floor instead of behind a counter, providing support with devices and advice on mortgages, investments, and insurance. This has already worked successfully for us in many of our branches, where we have actually seen an increase in transactions following the changes.
“For much of their day-to-day banking – such as transferring money or checking a balance – customers want to bank fast. But if they are thinking of finance to grow their small business or farm, buying a home or a car. . . customers prefer easy and convenient access to a skilled adviser, and this is where the branches play a key role.”
