Bank of Ireland has today announced changes to its branch services across the country with 103 branches set to close later this year.
From September, the number of Bank of Ireland branches nationally will reduce by 88.
The eight branches set to close in Dublin include James Street, Law Library, Phibsborough, Ballycoolin, Killester, Ballyfermot, Merrion Road and Rathmines branches from September and a new partnership with An Post providing banking services locally.
Bank of Ireland said there will be no compulsory redundancies as a result of today’s decision to close branches nationwide.
The branches closing are predominately self-service locations with no counter service. The Bank will continue to operate one of the most extensive branch networks in the country, with 169 branches, including 43 in Dublin.
This will be complemented by the new partnership with An Post, offering Bank of Ireland customers services at more than 900 locations across Ireland, including over the counter cash and cheque lodgements, withdrawals, and balance enquiries.
The changes are in response to significant trends in how people are banking – Bank of Ireland is closing a number of branches nationwide and footfall at the closing branches is down on average by c60% since 2017, while digital usage has increased by one third.
The new partnership with An Post means that Bank of Ireland customers can now avail of banking services at their local post office – James Street, Phibsborough, Killester, Ballyfermot and Rathmines all have a post office and there are 134 more in the county.
Gavin Kelly, CEO, Retail Ireland, Bank of Ireland said: “Although the trend has been to close branches, we have kept our branch network largely unchanged over the past decade. But we’ve now reached a tipping point between online and offline banking.
“Technology is evolving, and customers are using branches less, year on year. Between 2017 and 2020 footfall at the branches which are closing dropped by c60% on average. And even before COVID-19, branch footfall had reduced by almost a quarter over two years. Our mobile app is our busiest channel, c.430k customers log in each day, and traffic is up one third since 2018.”
The bank said the changes were made to adapt to customer preferences with the hope of working toward a long-term, sustainable and modern banking system.
Last year Bank of Ireland launched a new mobile app with 50% more functionality, and Apple and Google Pay.
Customers can open a current account online in six minutes and can complete the mortgage process entirely online from application to receiving the funds.