Bank of Ireland has launched a €2m consumer awareness campaign titled 'Big Move' and a dedicated website for those moving banks in the coming months as Ulster Bank and KBC Bank Ireland prepare to exit the market.
The bank will advertise its 'Big Move' campaign across TV, radio, print, outdoor, digital and social media from this week as part of efforts to direct customers in need of a new banking services provider towards Bank of Ireland.
The lender previously announced it would hired 420 temporary staff and redeploy 80 workers to handle the expected increase in applications, although seven in 10 new accounts are being opened online.
"Last month we announced a range of additional resources to support those moving banks, and we are now adding to this with a comprehensive consumer awareness campaign to provide further guidance," said Gavin Kelly, CEO of retail banking at Bank of Ireland.
“Ireland has never seen this level of account switching, which is a major logistical issue for consumers as well as banks, utility companies, government departments, and the wider business community.
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"It’s a serious challenge and it requires serious investment and resources. Bank of Ireland has moved swiftly to put a range of supports in place for consumers and our ‘Big Move’ campaign will now guide people towards those supports.”
The 'Big Move' online hub features a guide for customers on how to close their existing account, open a new account, make changes to regular payments and apply for credit products such as overdrafts.
It also has templates for letters to SEPA Direct Debit originators, payroll change instruction letters to employers, and credit payment redirection forms have also been developed to help consumers navigate the process.
It was announced in late April that Bank of Ireland CEO Francesca McDonagh will leave the bank in September to become head of European operations at Credit Suisse after long complaining of the cap on pay for executives at Ireland's bailed-out banks.
Customer loan values at Bank of Ireland fell slightly in the first quarter from €76.3bn to €75.2bn, while net lending at the bank's retail Ireland and corporate and markets divisions increased by €400m.
Green mortgages accounted for 43% of new lending, compared to 27% in early 2021, while customer deposits dropped by €1.5bn from December to €91.3bn.
(Pic: Leah Farrell / RollingNews.ie)
