BOI: closures reflect changes in banking trends

THE Bank of Ireland has insisted it “remains committed to Cork” and that a comprehensive range of banking services in towns that are set to lose their branches will continue to be provided through a new partnership with An Post.

The bank said the closure of 88 of its branches across the country from September – nine of these in Cork including the branches in Kanturk, Millstreet and Mitchelstown – was a direct response to “significant” changes in banking trends among the general public over recent years. The bank pointed to figures showing that combined total footfall across the branches it is closing had dropped by 60 per cent since 2017, while digital usage had increased by one third.

Gavin Kelly, CEO of the bank’s Retail Ireland arm, said that although the trend among banks in recent years had been to close branches, they had kept their network largely unchanged over the past decade.

He said the bank had reached a ‘ tipping point’ between online and offline banking and that, as technology was evolving, the number of customers using branches was dropping each year.

“We’re changing our branch network so it meets today’s demand, but we’re doing this in a way that protects local access to physical banking for those who want it through a new partnership with An Post. This ensures continuity of services locally for both personal and business customers,” said Mr Kelly.

He said the bank was aware changes like this can cause concern for some customers.

“We’re not making these changes immediately, ensuring the An Post partnership is up and running before any branches close, and we will communicate fully with all customers about every option available, in a nearby BOI branch, online or at a local post office. We are committed to Cork, and these changes will allow us invest in our other branches in the county as well as digital services,” said Mr Kelly.