Bank of Ireland's Jamie Renehan Discusses Establishing Digital Connections with Clients
In an interview, Jamie Renehan, a senior executive at Bank of Ireland, discussed the bank's strategy to enhance online banking and foster stronger customer relationships. The focus is on integrating the latest technology with a personal touch to deliver services that are both relevant and meaningful to customers.
One key method Bank of Ireland is employing is the creation of personalised digital experiences. By utilising platforms like Deloitte’s Experience by BankingSuite, the bank can offer tailored digital journeys that cater to individual customer needs. These pre-built journeys can be customised to reflect the bank's brand and customer preferences, ensuring a seamless and rewarding self-service experience.
Another strategy is the use of AI-powered anticipatory service. By analysing customer behavioural data in real-time, AI models can predict customer needs before they are explicitly stated, enabling timely and relevant product recommendations, adjustments to credit limits, savings goal setting, or investment proposals. This approach creates a one-to-one service feel at scale, increasing customer satisfaction and trust.
Bank of Ireland also recognises the importance of blending automation with human interaction. AI and automation are used not to replace human contact but to amplify it, maintaining the warmth and authenticity that customers have come to expect from traditional banking while meeting modern demands for convenience. For instance, AI-powered chatbots provide proactive financial advice, and virtual town halls foster community engagement, ensuring technology supports the human mission of banking rather than detracting from it.
The bank is also aware of the varying expectations across different generations and is working to engage them effectively. By employing anticipatory digital tools and AI-informed engagement strategies, Bank of Ireland aims to onboard and nurture relationships across Gen Z to baby boomers, customising communication and service channels accordingly.
Lastly, Bank of Ireland is committed to providing contextual financial wellness recommendations. The goal is to offer financial advice and product recommendations that are relevant to customers' current life situations, enhancing the perception of care and individualised attention.
Jamie Renehan emphasised the importance of banks getting to know their customers to provide personalised online services. However, the challenge lies in using this information to strengthen online relationships. Previously, customers built relationships with bank representatives face-to-face in branches. Now, the focus is on maintaining these relationships online. To achieve this, Bank of Ireland is synchronising online profiles with branch interactions to create a cohesive and personalised experience for its customers.
By harnessing technology to automate routine processes and generate insights, Bank of Ireland is able to deliver personalised, proactive human-style service, helping it stay competitive and trusted in an increasingly digital financial landscape.
- To further personalize online services and strengthen customer relationships, Bank of Ireland plans to share information from online profiles with branch interactions, creating a cohesive experience across platforms. (ffnews.com, customer relationships, personalized)
- As part of its strategy, Bank of Ireland is implementing AI-powered tools to analyze customer data and predict needs, offering tailored product recommendations and financial wellness advice. (ffnews.com, AI, finance)
