Senior executives from the five retail banks and the Banking and Payments Federation Ireland (BPFI) have updated the Central Bank on the programme of work being undertaken to help manage the migration of customers from Ulster Bank and KBC Bank Ireland.
The banks and the BPFI informed the financial regulator of their efforts to support the nearly 1m personal and business banking customers affected the impending exits of the two lenders.
Following a meeting in May, the banks and the BPFI were given a number of key tasks such as planning for expected surges in customer activity, targeting customers in need of additional support, and rolling out a public awareness and information campaign aimed at providing comprehensive advice and practical tools to impacted customers.
They were also called on to improve engagement between the banking sector and other industries, such as direct debt originators, relevant government departments and organisations representing vulnerable customers through a customer transition working group.
Speaking after the meeting on Tuesday, BPFI CEO Brian Hayes said: "Our meeting focused on how we can support customers through the industry action plan and a range of key initiatives underway as we continue the intensive work of transferring hundreds of thousands of customer accounts, and associated payment arrangements.
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"This work is focusing on collaborative planning, customer supports, customer communication, and stakeholder engagement.”
He added: "This extensive migration of bank accounts is a significant task that will take time and will no doubt bring challenges. However, by continuing to work together as an industry, alongside other sectors, key stakeholders and the Central Bank of Ireland, we can support customers in as seamless a manner as possible.
Derville Rowland, director general of financial conduct at the Central Bank, said the regulator had made clear its view that the large-scale migration of customer bank accounts " must happen in line with customer needs and expectations" and would required "a strong customer-focused approach".
"This is a real opportunity for the retail banking sector to deliver on the public commitments made in recent years in relation to cultural change and improving confidence in the banking sector," she continued.
"The key to its success will be a strong customer-focused approach, with appropriate leadership and oversight by boards and senior management, coupled with effective planning at an individual institution and sector-wide level.
"The commitments made by the sector reflected in today’s statement by the BPFI are welcome in this respect. We will continue to engage proactively with the sector as these plans are implemented and we are prepared to intervene further if the exercise does not proceed in line with our expectations.”
(Pic: Getty Images)
