BoI streamlines the changeover process with a single app
Bank of Ireland will now allow new customers to apply for a current account, credit card and overdraft facility in one online application.
Previously, to apply for a credit product, such as an overdraft, customers had to deposit their salary into the current account for six months and apply for credit separately.
The bank said customers can now request an overdraft when opening the current account and validate proof of income through a payslip.
He said overdraft applications are then subject to central credit registry verification, credit scoring and income validation.
In the case of credit card applications, the bank said proof of income will be required via checking account information or three-month bank statements.
“We are opening more personal accounts at any time in our history,” said Henry Dummer, director of day-to-day banking at the Bank of Ireland.
“In the first half of 2022, we opened the same number of current accounts as in all of 2021, and we continue to look for ways to improve the process,” he added.
Dummer said migrating this number of consumers is a major operational undertaking and he said there will be challenges along the way.
“However, we want to make it as easy as possible for customers to set up their accounts with us and also apply for products like credit cards and overdrafts at the same time,” he added.
Figures released earlier this week by the Banking and Payments Federation Ireland show major retail banks, An Post Money and credit unions have opened 365,000 personal current accounts so far this year.
It comes as customers of Ulster Bank and KBC Bank Ireland continue to switch providers ahead of the two banks’ exit from the Irish market.