The Covid pandemic has accelerated the need for transformation at the Bank of Ireland at a rate the institution “never expected,” said Susan Russell, director of end-to-end customer transformation for the bank.
She is currently leading a 30-month digital transformation program at the bank, of which Francesca McDonagh is Managing Director.
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“Our strategy as a bank before Covid was very much geared towards transformation,” she said yesterday in a PwC webinar on digital transformation.
She said this involved transforming the Bank of Ireland’s systems and culture.
“If anything, Covid has only accelerated the need for this transformation at a rate we probably never expected,” she added.
“It’s not just about our customers, it’s also about our colleagues,” she said. “70 percent of the workforce moved home overnight and now work remotely. This is a scenario that we as an organization would not have imagined before March. For us, it’s not just about digital now [the]Customers keep colleagues in touch, get their jobs done, and enable that colleague-customer relationship to grow. “
This week the Bank of Ireland finally launched its long-awaited Apple Pay feature. However, Ms. Russell said her transformation program looks at ways to simplify the bank’s “biggest customer journeys”, such as opening an account, applying for a loan or applying for a mortgage.
“We really started to simplify the process to make it a lot easier for customers to use,” she added.
The Bank of Ireland launched a voluntary layoff program in August to reduce its workforce by 1,400 to less than 9,000.
The plan was announced because the first half of the year posted a loss of EUR 669 million due to the effects of the pandemic.
In the first half of the year, the bank made an impairment loss of € 937 million. This included an adjustment of € 184 million in connection with payment interruptions and € 321 million from actual credit losses in the reporting period.
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