Bank of Ireland has launched a new current account facility online with new technology to upload photo ID and proof-of-address documents.
The launch of the new fully end-to-end digital account set-up facility comes as the bank revealed that contactless payments by Bank of Ireland customers increased 600pc in the last year, outpacing the use of cheques by personal customers for the first time.
Bank of Ireland said it has seen a corresponding 30pc reduction in paper transactions.
‘Customers have busy lives and want to access their money, carry out transactions and make purchases on the go, so we’re seeing a marked behavioural change in the ways that customers bank with us’
– SEAN L’ESTRANGE, BANK OF IRELAND
The bank has also seen a 41pc increase in customers logging into its mobile app and a 21pc increase in customers logging into online channels like online and mobile banking.
Overall, digital logins across all channels have increased 53pc over the last two years.
The digital transformation of banking
The launch of full online current accounts follows the recent launch of a Skype and FaceTme mortgage advisory service by the bank.
The bank also recently experimented with the use of blockchain technology to enable financial transactions in collaboration with Deloitte.
“Customers have busy lives and want to access their money, carry out transactions and make purchases on the go, so we’re seeing a marked behavioural change in the ways that customers bank with us,” explained Sean L’Estrange, head of Current Accounts at Bank of Ireland.
“Digital transactions such as online and mobile transfers are replacing cheques, while contactless is replacing cash for personal customers, who are choosing convenience over paper.
“Our pricing incentivises this customer behaviour with differentiation between automated and paper transaction fees. Digital transactions are 13 times better value for money compared to the cost of cheques and consumers are really starting to respond to this.
“Our data is showing a significant shift in consumer behaviour over the past two years, in particular, and we are continuing to invest in our technology to meet customers’ needs,” said L’Estrange.
Bank of Ireland image via Shutterstock