Category: Banking

Bank of Ireland relaunches FDI Landing Space

Bank of Ireland has relaunched its Foreign Direct Investment (FDI)  Landing Space in Stephen’s Green, following refurbishment during the pandemic. The FDI Landing Space provides companies arriving into Ireland with co-working office space, meeting rooms and event space above the Stephens Green branch in Dublin city centre.

Bank of Ireland’s FDI team has supported over 600 international companies to set up in the Irish market over the past decade. The FDI Landing Space provides hot desks, meeting rooms and boardrooms, with companies from the US, UK, EU, China, Australia, Japan and Canada availing of the space in the past.

Speaking at the launch, Kevin Elliott, Head of Global FDI, Bank of Ireland said: “Today’s announcement further strengthens our support for international companies basing themselves in Ireland. As the leading bank in Ireland for international companies, Bank of Ireland is delighted to provide our FDI Landing Space to support companies who may be considering Ireland as a base or starting to develop operations here. It has been fantastic to see FDI companies who have directly benefited from our Stephen’s Green facility going from strength to strength and announcing significant growth plans within the Irish market over the years. Following refurbishment of the space, we are now reopening again and we look forward to supporting a new crop of international companies into the future.”

 Founded in 2011, Bluecrux is a value chain consulting and technology company which has used Bank of Ireland’s FDI Landing Space in the past. Aaron O’Brien, Managing Director UK & Ireland,  Bluecrux said: “Bank of Ireland’s FDI Landing Space in Stephen’s Green has been a great asset that helped us develop our business in Ireland. I am pleased to say that Bluecrux has expanded and we currently have a team of 14 in Ireland joining our 265 global colleagues helping us grow our business. Our plans are to grow our headcount in Ireland to 50 by 2025.  We appreciate the help and support from Bank of Ireland and I would encourage any company looking to base themselves in Ireland to utilise the FDI space as you start to establish your business here.”

Bank of Ireland’s dedicated FDI team provides access to a full service offering for international companies, including electronic banking, payments, foreign exchange and treasury facilities, private wealth management and employee benefits solutions.

Digital money management service Mi 365 rolled out to Bank of Ireland customers

Bank of Ireland has introduced a new digital money management service – Money Insights 365 (Mi 365) – for all personal customers. Available on the Bank of Ireland mobile app, Mi 365 helps customers take more control of their money by providing them with over 40 insights into their spending.

Mi 365 allows Bank of Ireland personal customers to:

  • Access personalised insights on their spending, including average monthly spend with particular retailers
  • Easily track money in and out, including unexpected payments or refunds
  • Review cash flow spend data on their account for up to six months
  • Spot changes in spending they might need to keep an eye on, for example on groceries, clothing or entertainment

Mi 365 will also show where customers may have duplicate transactions leaving their account – such as similar online subscriptions – highlighting where a saving could be made. The introduction of Mi 365 is one of a range of measures the Bank has taken to help customers understand and manage day-to-day spending, as part of the Bank’s commitment to support and enhance customer financial wellbeing.

Susan Russell, Director of Retail Ireland, Bank of Ireland said: “Research shows that almost 70% of adults need help with tracking spending. Mi 365 responds to this by providing insights, alerts and interventions so that we can manage our money better.

 “It can be hard to find the time to track your spending day-in day-out. Mi 365 does a lot of the heavy lifting by presenting customers with a range of individual spending insights. The service is a core part of our mobile banking app which has more than 800,000 log-ins every day, making it the most popular way for our customers to manage their money. 

 “This is another practical addition to the financial wellbeing supports we offer over 2 million customers in Ireland. We look forward to continuing to expand these supports into the future.”

Mi 365 Insights appears automatically under the customer account information on the home page of the Bank of Ireland app.  A carousel is presented with the three latest insights and an insight inbox retains all previously shown insights for 35 days.  Personal customers can view insights drawn from their current account, joint current account, and credit card account activity.

For information on Bank of Ireland’s financial wellbeing resources: Bank of Ireland Financial Wellbeing

Revolut launches Revolut <18 - a rebrand of its service for 6-17 year olds

Revolut, the global financial super app with more than 20 million customers worldwide, has rebranded its service for 6 – 17 year olds. ‘Revolut <18’ is an account for young people which is connected to their parent/guardian’s Revolut account, helping young people feel positive and empowered about money, giving them a financial head-start in life.

Previously named ‘Revolut Junior’, Revolut <18 will now offer its young customers the chance to unleash their creativity by personalising their own spending card by adding a drawing, text and even emojis, making it as unique as they are.

Using end-to-end security and in-app card controls, young Revolut customers can safely track their activity in-app and get instant spending alerts to stick to budget and build healthy money habits, as well as setting savings goals. Additionally, an instant notification is sent to the parent or guardian’s phone when the <18 card is used.

Parents and guardians can set a regular ‘pay day’ for pocket money, but can also set challenges for their young person to complete in order to receive their earnings. For those Friday evenings at the youth club, a brand new feature will let young customers tell their friends to “Revolut me!” to send and receive money for free to other users on Revolut <18.

Tara Massoudi, Revolut General Manager of Premium Products, said, “We’re delighted to introduce Revolut <18 to new and existing customers. The new Revolut <18 yellow design is energised, positive and fresh, appealing to a variety of under 18s. 

“We listened to feedback from our customers who said they wanted our under 18s product to be customisable and to look and feel more personal to them. Therefore we wanted to create a more grown up feel to the card and app as Revolut <18 is an account that can grow with you.”

With over 1.6 million customers globally, Revolut Junior had over 400,000 customers in Ireland alone, all of whom are now Revolut <18 customers.

The Revolut <18 card is free, and a parent or guardian who is a Revolut personal account holder can create a <18 account for their child in their Revolut app. If the young person has a mobile device, they can download the Revolut <18 app by scanning a QR code displayed on the parent or guardian’s phone. However, the card will still work even if they don’t have a mobile. Parents/Guardians can create a maximum of five <18 accounts, depending on their Revolut plan.

Additionally, teens can sign up for themselves to create a parent account, with parent approval. If the teen is under the age of data consent (below 16 in IE) then a parent will need to create an account for them from their own Revolut app

New research reveals Ireland is leading the way in digital banking

Circumstances over the past two years have accelerated the drive towards digital services across all industries, from financial services to the public sector. But despite a greater number of online interactions, Irish consumers are still not sold on the benefits of digital IDs, according to newly published research of over 12,000 consumers, including 1,000 in Ireland, from Okta and Statista.

Almost three-quarters (72%) of those in Ireland feel their data wouldn’t be protected in a digital ID, more so than their British counterparts (58%), while nearly half (48%) would prefer a physical ID to a digital one.

However, digital scepticism is not rife in all areas. More than two-fifths (42%)of Irish citizens trust their government’s digital services, such as government websites and log-in portals for public sector services, far more than in Germany (32%), the UK (33%) and France (37%). Ireland is also most supportive of government-led vaccine passport technology in comparison to other countries, with two-thirds (66%) in favour of this, while the UK (51%) is one of the least supportive nations.

When it comes to data regulations, Irish citizens are more supportive of GDPR (69%), the EU’s data protection and privacy law, than any country surveyed. Four-fifths (79%) say that this is because they feel that governments, states and institutions should be responsible for data privacy initiatives.

“Despite confusion over the benefits of digital IDs, the vast majority of Irish consumers feel that the state should be responsible for data initiatives, which highlights a big disconnect between the two,” comments Ian Lowe, Head of Industry Solutions EMEA at Okta. “Clearly, if digital IDs are to be rolled out more broadly across Ireland, more work needs to be done to educate and communicate the benefits this could provide – from convenience to ease of use, to better security through a centralised, standardised and compliant approach. With data the largest concern around this, technology like customer identity and access management (CIAM) allows individuals to control what organisations know about them and how their data is used, whilst ensuring it is kept in one safe, secure place.”

Pioneering digital banking

Irish consumers are leading the way when it comes to digital banking, with two in five (40%) currently holding an account with a digital challenger bank, such as Monzo, Starling or Revolut, rising to half (50%) of those aged 18-29. This is more than double of most other European countries, including the Netherlands (6%), Spain (13%) and the UK (17%).

Many prefer the ease of banking or making financial transactions online (54%), and the convenience of not having to visit a physical bank branch (53%).

Three-quarters (75%) also admit to interacting with financial services and banks more digitally than physically over the past year – some (42%) because the pandemic made it inevitable, and others (33%) because they found it more convenient. As a result, a third (32%) are more trusting of digital financial services.

“Ireland shows the biggest uptake of digital banking, but interestingly, some of the highest hesitance when it comes to the adoption of digital IDs,” adds Lowe. “It’s evident that Irish citizens see the benefits of digital financial services; they regard it as easier and more convenient. By following the examples set by challenger banks, and establishing digital IDs in a similar manner, Ireland could emerge as Europe’s leader in the rollout of digital services. But in order to make this successful, trust is imperative. Governments and organisations have a key role to play in demonstrating the privacy and safety of these initiatives in order to win over the trust of the public and pioneer the move towards digitisation.”

Learn more about the recently launched Okta Ireland and how Okta is growing in Dublin here.

European Investment Bank to strengthen support for climate, connectivity, renewables, education and innovation across Ireland

The European Investment Bank is expected to strengthen backing for climate action, clean transport, renewable energy, healthcare, education, agriculture and business in Ireland, in addition to enhancing support to sectors such as energy efficiency and peatland’s rehabilitation, following the meeting of the Ireland-EIB Financing Group held at Department of Finance today.

“The European Investment Bank is a key partner to ensure that Ireland benefits from high-impact investment that unlocks opportunities, improves services and delivers a more sustainable future. It is a pleasure to welcome Vice President Kettel Thomsen and his colleagues back to Dublin for today’s meeting of the Ireland-EIB Financing Group. Discussions between Ministerial colleagues and the EIB will ensure that the EIB’s unique financial strength and technical expertise can accelerate transformational investment across the country and build on the EUR 1 billion of EIB and EIF financing for Irish investment delivered last year. Yesterday’s agreements for EUR 200 million new EIB support for capital investment in 30 schools and advisory support to cut energy bills in schools across the country shows the unique impact of the EIB in this country.”

said Paschal Donohoe T.D., Irish Finance Minister and Governor of the European Investment Bank.

“The EIB-Ireland Financing Group ensures that the EIB can back crucial investment that drives business growth, tackles infrastructure needs and delivers climate action. This week’s visit builds on the EIB Group’s enhanced recent engagement to respond to challenges related to Brexit and COVID-19. Today’s discussions with Ministers from across government will ensure that no opportunities are lost to overcome current challenges and unlock transformational new investment.”

said Christian Kettel-Thomsen, Vice President of the European Investment Bank.

The meeting of the EIB-Ireland Financing Group included the Minister for Public Expenditure and Reform Michael McGrath T.D., Minister for Environment, Climateand Communications and Transport Eamon Ryan T.D., Minister for Housing, Local Government and Heritage Darragh O’Brien T.D. and Minister of State for Agriculture, Land Use and Biodiversity, Senator Pippa Hackett.

Officials from across government and the EIB’s team dealing with Ireland also participated.

Over the course of this year the EIB expects to confirm around EUR 1 billion of new financing for projects across Ireland, including energy efficiency, increasing renewable energy generation and electricity interconnection, SME’s and farmers, innovation, improving university facilities and construction of new social housing.

The EIB-Ireland Financing Group was established in December 2016, alongside the opening of the EIB’s first permanent office in Ireland, to strengthen cooperation between the European Investment Bank and Irish government departments and stakeholders.

The European Investment Bank is Europe’s long-term lending institution and owned directly by the 27 EU member states and the world’s largest international public bank.

Over the last decade the EIB has provided more than EUR 8 billion for long-term investment across Ireland, including education, energy, transport, social housing healthcare, agriculture and water projects, as well as investment by small business and corporate research and development.

Revolut starts rollout of responsible Pay Later instalments product beginning with Ireland

Revolut, the global financial superapp with more than 18 million customers worldwide, is rolling out its responsible pay later product, ‘Pay Later’ in Europe as it continues to expand its suite of products to help people get more from their money. Revolut Pay Later is the first pay later product in Ireland that uses an approved credit limit, designed to focus on affordability. Revolut puts the customer in control of when they want to use Pay Later for rather than being restricted to certain merchant partnerships.

Beginning this week, some Revolut customers in Ireland will be eligible for early access to Pay Later, which will gradually roll out to all users in Ireland – where 1.9m adults have a Revolut account. Pending the sign-ups for Pay Later, Revolut will look to offer the product in additional markets from the end of 2022 and beyond, with Poland and Romania to be the next markets gaining access to the product later this year.

Qualified customers can use Pay Later for purchases up to a maximum of €499, with any of their Revolut cards, including when paying with a Revolut Disposable Virtual Card which provides an extra layer of security for online transactions.

Customers can spread the cost of a purchase across three monthly instalments with the first instalment paid upfront by the customer at the time of purchase followed by two monthly instalments. The fee of 1.65% per purchase is repaid as part of the final two instalments. Fully integrated within the Revolut app, once approved, customers can activate Pay Later on-the-go with one tap in their Revolut app. Customers can view their Pay Later balance in the Cards section and in the Pay Later hub. If a customer would like to repay the instalments early, there are no additional fees to do so.

Whether it’s a new washing machine, hotel booking, or a birthday gift, customers can use Pay Later at any merchant that accepts Revolut online or in store. Unlike other pay later products, merchants do not sign up to Revolut Pay Later, and Revolut does not charge them for Pay Later transactions.

Revolut checks customer affordability by linking to customers’ existing bank accounts through Open Banking. Revolut will assess customer suitability and affordability for ‘Pay Later’ through an underwriting process. The current maximum credit limit is €499, but each customer will have their own bespoke limit as decided by Revolut’s credit assessment.

The new product also features built-in safeguards to check that users can afford their Pay Later limit. Unlike other pay later providers, Revolut is able to offer a more robust assessment as it approves the credit limit before the transaction rather than offering an instalments payment method at the point of sale.

Pay Later is another tool to help customers manage their spending all from one app. The Buy Now Pay Later market in Europe is set to grow to £680bn over the next five years.  Revolut’s ‘Pay Later’ offering meets the growing consumer demand for this personal finance tool, while offering it in a responsible way, with a heavy emphasis on customer affordability and suitability. Pay Later joins the suite of innovative products Revolut will be delivering to solve for all of its customers’ credit needs.

Joe Heneghan, CEO Revolut Europe, commented: “Pay Later is an exciting and fast-growing area of personal finance and consumer spending, and we are excited to add Revolut ‘Pay Later’ to our financial superapp. 

“Revolut Pay Later gives our customers more control and flexibility over their personal finances, in a responsible way, by enabling them to spread the cost of purchases over three instalments. This encourages people to pay within two months, rather than calling on overdrafts and credit cards which don’t carry the same emphasis on quickly paying back the amount borrowed.”