Bank of Ireland invests $435m in Retail Ireland division

Investment Overview - Bank of Ireland has invested over €370 million ($434.8 million) in its Retail Ireland division as part of its strategic cycle from 2023 to 2025, focusing on areas such as fraud prevention, technology upgrades, and customer relationship management systems [1] New Products and Services - The bank introduced several new products, including EcoSaver, a mortgage based on Building Energy Ratings (BER), and Smart Start, a current account for children and young teenagers [2] - The 'Coming to Ireland' service allows prospective customers to apply for a current account up to 45 days before relocating, with 2,500 consumers from 120 countries utilizing this service since its launch in April [2] Lending Products - A new lending product has been rolled out to support homeowners trading down, aimed at improving the use of existing housing stock [3] - The bank's Retail Ireland chief executive highlighted a new mortgage type that rewards customers for enhancing their homes' energy efficiency, positioning the bank as Ireland's number one mortgage provider [3] Customer Service Enhancements - The Retail Ireland division has made its largest single investment in customer service systems and technology for frontline staff, including enhancements to telephony and CRM systems for faster service [4][5] - Branches have been refurbished, and a new ATM fleet is being rolled out to improve cash processing capacity and accessibility [4][5] Payment Services and Security - Bank of Ireland now offers SEPA Instant transfers and has implemented security measures like Verification of Payee and Fraud Payment Interrupt [6] - The bank has committed €50 million specifically to fraud prevention and has a dedicated team of 225 fraud specialists, ensuring customer support is available around the clock [6]