Bank Of Ireland Cuts Back On ATM Services

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In its efforts to compete with newer digitally oriented competitors, the largest bank of  Ireland said that it would be removing some of its traditional ATM services, as it tries to work on a new version of its mobile app.

In an email that was sent to customers lasr Wednesday, the Bank of Ireland said that they would no longer be able to top-up their mobile phones, request bank statements, or pay bills, at ATMs.

The bank said that it would provide different ways for the customers to have access to these services.

The email also said that it will also be cancelling some of its ATM-only bank cards as it attempts to ramp up its digital services and make preparations for the launch of its new mobile banking app.

New entrants to the banking industry, such as Germany’s N26 and Revolut, intimidate the more-established players, many of which have been sluggish to innovate and develop their mobile applications.

Just last February, N26 became the most valuable fin-tech start-up in Europe when it raised $300 million (£230 million) to fund its plans for global expansion.

Irish banks have acknowledged the threat and have made some moves to update their digital offerings.

The email to customers stated: “We are working on a new Bank of Ireland App which will have more features and better security,”

The statistics that was published alongside in its annual report, which said that technology was “critical” to the growth strategy of Bank of Ireland, revealed that the existing app of the bank had more than 10 million monthly “engagements” last year, an ncrease of  25 percent as compared to the figures that were recorded from 2017.

It described approximately 80 percent of its current account users as “digitally active.”

The report stated: “We are replacing our core banking systems to improve efficiency and to enhance customer experience.”