Wednesday 29th June 2022 – Senior executives from the five retail banks along with Banking & Payments Federation Ireland attended a CEO roundtable meeting with the Central Bank of Ireland (CBI) on Tuesday, following on from the initial roundtable in May. The meeting provided an update on the extensive programme of work being undertaken by the sector to manage the migration of personal and business bank accounts.
Speaking after the meeting, Brian Hayes, Chief Executive, BPFI said: “Our meeting focused on how we can support customers through the industry action plan and a range of key initiatives underway as we continue the intensive work of transferring hundreds of thousands of customer accounts, and associated payment arrangements. This work is focusing on collaborative planning, customer supports, customer communication, and stakeholder engagement.”
The BPFI and the five retail banks are focused on a number of workstreams, based on the key areas identified at the meeting in May for further work including:
- Better Planning: Providing strategic direction and oversight of operational capacity, driven by analysis of key data metrics at industry level, so that expected surges in customer activity and emerging issues can be dealt with.
- Support for customers as needed: Targeted interaction for those customers in need of additional support
- Proactive Communications: The rollout of a public awareness and information campaign launching in July aimed at providing comprehensive advice, support and practical tools to customers who need to move their banking services.
- System-Wide Engagement: Stakeholder engagement, including through a dedicated Customer Transition Working Group established under the auspices of the BPFI, with other sectors and their representatives, including those who are also required to respond on behalf of their own customers. These include Direct Debit Originators, relevant Government departments and organisations representing customers in vulnerable circumstances, amongst others. BPFI remains committed to continuing this collaborative approach to engagement.
Mr Hayes concluded: “This extensive migration of bank accounts is a significant task that will take time and will no doubt bring challenges. However, by continuing to work together as an industry, alongside other sectors, key stakeholders and the Central Bank of Ireland, we can support customers in as seamless a manner as possible.
For further information contact: Jillian Heffernan, Head of Communications, 087 9016880 or firstname.lastname@example.org
About BPFI: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has over 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here. www.bpfi.ie