Just 13% of the remaining Ulster Bank and KBC Bank Ireland customers still need to open a new current account with another financial services provider before the bank exit the Irish market.
Research published by the Banking & Payments Federation Ireland (BPFI) shows that, as of December, 68% of remaining customers with the new lenders have either opened a new account or plan to use an existing account in another institution. A further 17% plan to close their account without replacing it.
The survey found a significant fall in the proportion of customers who were using their current account with the exiting banks for certain regular payments in November and December.
Only 12% used their account to receive a social welfare income payment in December, down from 24% in November, and the proportion making mobile phone or home phone/broadband payments dropped from 30% to 20% last month.
Commenting on the report Brian Hayes, CEO of BPFI, said: “The findings from today’s survey clearly demonstrate the huge amount of progress that has been made by the industry in the migration of hundreds of thousands of customer accounts, with the majority of impacted customers reporting that they have either completed the move to a new provider or that they are well into the process.”
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“And while we have now reached a point where just 13%, or one in ten customers, report they still need to open an account, it is important to recognise that there is still a job of work to be done in getting this group of customers across the line.
"Significant customer outreach to these customers has been underway for some time by the exiting banks and today we are strongly urging all customers who need to open a new account to do so as soon as possible by engaging with a new provider to establish new banking arrangements.
"There is a wealth of support and information available from both the exiting and remaining banks and financial institutions in addition to BPFI’s site movingaccount.ie and through the Competition and Consumer Protection Commission (CPCC) at www.cpcc.ie.
“As we progress through 2023, BPFI will continue to work closely with our members, regulators and other key stakeholders to support customers in the transition and complete the journey,” Hayes concluded.
Figures from the Central Bank last month showed there were still 675,000 Ulster Bank and KBC accounts, including 392,000 current accounts and 281,000 accounts deemed active, open at the start of December.
Ulster Bank has this month closed 25 branches that will transfer ownership to and reopen under Permanent TSB.
(Pic: Mark Stedman/Photocall Ireland)
