Tag: #Banking

Bord Gáis Energy announces new partnership with Irish owned banking app Money Jar

As Ireland’s leading home energy management and services provider, Bord Gáis Energy, has announced a new partnership with Irish owned fintech company Money Jar. Launched in 2019, Money Jar is a safe, secure, and simple-to-use 100% Irish owned online banking platform. It provides users with a digital current account and Irish IBAN (International Bank Account Number) for all their day-to-day banking requirements.

This new partnership will provide Money Jar customers with the opportunity to avail of exclusive Green offers to support home energy management. These offers are available to both new and existing Bord Gáis Energy customers, via the Money Jar app.

The app is available to everyone but also helps to support people moving to Ireland from overseas by setting up banking services from their mobile phone. Money Jar enables users to send and receive money from other accounts, make mobile and online payments, and helps them to improve their money management skills.

Speaking on the partnership, Steven Mordue, Consumer Segment Manager at Bord Gáis Energy said: ‘’We’re delighted to partner with such a successful Irish fintech start-up as Money Jar to provide users with exclusive offers and to support home energy management. At Bord Gáis Energy, we’re on a journey to becoming a net zero business by 2045 and as part of this process we want to help our customers transition to a lower carbon future too. To avail of one of these exclusive offers, simply sign up through the Money Jar app.’’

Paul Kinch, Chief Commercial Officer of Money Jar, said, ‘’At Money Jar, our mission is to help our account holders manage their money better. Partnering with Bord Gáis Energy is another way we can help users manage their energy costs, by improving their energy efficiency and empowering them to move towards net zero. I would like to thank Bord Gáis Energy for their support and recognition that transitioning to a lower carbon future should be for everyone’’.

Money Jar is available to download on the App Store or on Google Play.

9 in 10 people want the choice to pay in cash or card

The vast majority of Irish people (95pc) believe that everyone should have the choice to pay in either cash or card for goods and services.

Findings, from the latest Taxback.com Taxpayer Sentiment Survey, which polled over 1200 taxpayers nationwide highlight widespread support across the board for new Government legislation proposed to protect people’s rights to access cash, which would ultimately also safeguard their right to pay in cash.

The “Reasonable Access to Cash” Bill has been tabled as Ireland’s continued moves towards a cashless society. The new law, if introduced, was drafted on foot of a recommendation in the Government’s recently published Retail Banking Review. That review also called for the development of a new National Payments Strategy, which would take into account advances in digital payments, and guide how future changes should be made around access to cash criteria and other issues. This strategy could see the laws around reasonable access to cash extended to other firms or sectors, thereby forcing shops, cafés and other outlets to accept cash payments, rather than to insist on card payment.

Headline findings from the Taxback.com Taxpayer Sentiment Survey reveal

  • Four in ten (40pc) people would support the proposed law as they would like the option to pay in cash and card.
  • One in five (18pc) would support such a law as they usually pay in cash.
  • One in ten (9pc) would do so as they believe elderly people will benefit.
  • Almost three in ten (28pc) would be in favour of the legislation as they believe the law would be useful, even though they themselves only pay by card.
  • Only one in twenty (5pc) wouldn’t support the planned legislation, stating that they believe it would be a backward step.

Commenting on the findings, Marian Ryan, consumer tax manager with Taxback.com said:

“The pandemic has accelerated the use of digital payments – as have the increased moves by the banks to curtail access to cash banking services. While many people have embraced card payments, Irish people are in almost full agreement that having the choice to pay in cash or card and the ability to access cash when it is needed should be a fundamental right. Otherwise, we risk ostracising people who, for whatever reason, don’t have there will be some people who simply will not be able to buy items or services which they badly need – simply because they don’t have card or cash on them. Some people struggle with online and card payments and find it incredibly difficult to manage their finances as a result of the increased moves towards digital banking and payments. This is simply unfair and borders on ostracism.”

One of the primary aims of the Bill is to force banks offer customers “reasonable access to cash” which could include having a minimum number of cash points per town or region.

Ms. Ryan went on to say,

“In recent years, banks have restricted and withdrawn many over-the-counter cash services in their branches – making it increasingly difficult for customers to manage their day-to-day banking. Many bank customers have had to travel lengthy distances to cash cheques or withdraw cash as a result – particularly in rural areas.”

Online mobile and banking payments hit record highs in Ireland, with nearly €4.8bn worth of contactless payments made in the third quarter of 2022.

Digital banking has not overtaken the demand for a more personal experience: 6 in 10 want face-to-face banking

Irish people want to conduct their main banking transactions with a human being and not a computer. This is the finding of a new survey from the Credit Union Development Association, which found that more than 6 in 10 people still opt for face-to-face interactions when opening a current account or accessing car finance, and 8 in 10 want to take out the mortgage with the help of either a lender employee or a broker (See Appendix).

The credit union representatives say indicates just how important face-to-face interaction still is with the public when it comes to banking.

The research, which surveyed 1,000 people nationwide found:

  • More than two thirds (65pc) of those who opened a current account over the last five years did so with in-person support from branch staff.
  • 54pc of those who opened savings accounts preferred to do so with in-person support.
  • Six in 10 (63pc) used face-to-face help when taking out car finance.
  • The vast majority (87pc) of those who applied for a mortgage in the last five years did so either in branch – or in person with a financial advisor.

Speaking of the findings, Kevin Johnson, CEO of CUDA, said:

“The preference for face-to-face interaction doesn’t surprise us and supports the decision of credit unions to retain this key service while rolling out their new digital channels for members. Choice in how to interact with a financial institution is imperative for consumers. It’s not ok that some banks appear to be trying to force their customers to fit into their lower-cost branch models, in an effort to boost profits for shareholders but to the detriment of customer service.

“Borrowing for a major purchase such as a car or home is a big deal for most people, so it is not surprising that so many people need the reassurance of the personal touch when taking out a personal loan or a mortgage. People have financial needs and financial challenges, some straightforward and some requiring quite specific advice, so they should be able to decide between going online and walking into their local branch and getting face-to-face help if they need it.”

Where we bank is changing

The CUDA survey revealed that more than 7 in 10 people still bank with the countries three main banks.

But Mr Johnson contends that the tide is turning against the pillar banks and,

“There is a definite shift in mindset in recent years and people are becoming increasingly open to the offerings of other providers. This change in behaviour is only going to gather more pace in the next few years and we believe the market will really open up and the Irish banking landscape will look completely different in five years’ time. Credit unions for their part are making a real play to grow their role by offering people the length and breadth of the country exactly what they need – efficient and effective banking solutions, with digital, local and in-person support”.

Further highlights from the CUDA consumer survey include:

  • One in 20 (5pc) said they used a fintech such as Revolut, N26 or Bunq for most of their banking needs.
  • Those aged between 25 and 34 are more likely than other age cohorts to use a fintech for most of their banking needs – 13pc vs the national average of 5pc
  • One in 25 (4pc) use credit unions for the majority of their banking – twice as much as the number who cited An Post.
  • Men are more likely to use a credit union or a fintech for their banking needs – though the numbers are still relatively small.

Mr. Johnson concluded

“ As co-operative societies, owned by and managed in the interest of their members, credit unions  understand the importance of setting and achieving service levels at the standard expected by the members.  They are delivering digital services with a personal touch, only in this way, they can be certain that they will achieve high levels of customer experience satisfaction, retain business and also optimise the use of valuable resources. With this in mind, credit unions continue to invest in emerging technologies, as these give rise to new ways of conducting financial activities, while also continuing to invest in their people. Balancing these investments enables them offer both digital and face-to-face options to both borrowers and savers.”

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.

Revolut tops 20 million retail customers on seventh anniversary

Revolut, the global financial super app, has surpassed 20 million retail customers worldwide, and is now processing over 250 million transactions a month. Both achievements come as Revolut celebrates its seventh anniversary.

Revolut is continuing to expand its global workforce, topping 5,000 employees globally. Over the past year, Revolut has opened several offices in locations such as New York, Tokyo, Madrid, Barcelona, Paris, Mexico City, Berlin, Budapest and Bucharest. Additionally, new offices in Mumbai and Bangalore are set to open later this year.

Launched in the UK in 2015, Revolut offers money transfer and exchange. Today, over 20 million of its retail customers around the world use dozens of innovative Revolut products including peer-to-peer payments, Saving Vaults, Junior, Stays, and Trading.

In the past twelve months, Revolut has launched a variety of new features including On Demand Pay in the UK, personalised Loans in Ireland, and was named as one of TIME100 Most Influential Companies. With services in 36 countries, the journey continues as Revolut looks to expand into new markets including India, Mexico and Brazil.

Helped by collaborations with influencers over the past year such as Liam Payne, Anthony Joshua, and Simon Wilson, Revolut’s total social media following has grown to over 1.4 million, and it has most recently launched a TikTok account.

Revolut’s top five countries by number of retail customers are:

  1. UK – Revolut’s home market and its biggest with 4.8m customers. The average age of our customers is 39, with 11% of customers being over 55 years old

  2. Romania – 2m customers. With 420,000 users in Bucharest, Romania’s capital city has the most Revolut users of any city in the EU, and second most globally after London. One in three Bucharest residents of working age has a Revolut account.

  3. Ireland – 1.9m customers. A third of the 5m population (and half of adults with a smartphone) use Revolut – and Revolut is used as a verb

  4. Poland – 1.7m customers. Following the launch of dedicated free accounts for Ukrainian refugees, Poland is home to over 50,000 refugee accounts (out of a total of over 170,000 in EU)

  5. France – 1.5m customers. Revolut recently launched local IBANs in France to offer fully compatible accounts in the French market

Nikolay Storonsky, Chief Executive Officer, commented: “Revolut reaching 20 million customers and 250 million transactions a month is another milestone we’re proud of.

“When we started Revolut seven years ago, we wanted to give people more control over their financial well-being through the use of our technology, offering a service that addresses all their financial needs in one place. We are still a young business, but our growth over the last few years shows the increasing demand for our products all over the world. 

“As important as this milestone is, we are still at the start of our journey and intend to keep pushing the boundaries of financial innovation to build the world’s first global financial superapp. This is just the beginning…”

Vlad Yatsenko, Co-founder and CTO, commented: “In just seven years, Revolut has grown exponentially. We are now more than 5,000 strong, with new and long-standing staff helping to deliver for our customers on a daily basis.

“Today’s announcement, as well as the company’s seventh anniversary, is one to savour and enjoy, but it is also evidence that there is still so much to achieve in this space. We remain focused on developing new and innovative products for our customers, and look forward to celebrating the next milestone in the near future.”

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.

How slots will adapt with technology

Out of the many casino games available, traditional slot games have by far been one of the most popular throughout time. Offering a simple game of chance that doesn’t require any complicated knowledge or strategy behind the game, online slots are a way for players to relax and let go of their day, while getting a thrill out of the chance to win the jackpot. 

Over the years, new and developing technologies have innovated casino games, in which today’s casino offerings are now online. This has created a huge opportunity for the world of online slot games. Games have become more innovative than ever before, with players able to truly immerse themselves in the world of the game, even though they’re playing through a screen. 

What’s more, the multitude of providers now on offer who are constantly innovating these services is giving players so much choice. Providers like Megaways Slots are leading the way when it comes to the latest technologies for online slot games, but what technologies are behind these innovations?

Below, we’ll take a look at new technologies that are adapting slot games. 

The history of online slots

Slots machines were first introduced in the early 19th century and offered a simple design. There were usually 3 reels with a few different fruit or cash symbols, including the liberty bell which was a slot game classic. The earliest slot machines only offered one payline and were most popular in bars and pubs across the UK, Europe, US and Canada. 

These early slot machines didn’t offer much in the way of a jackpot, with the prize simply being a few coins or sometimes not even a monetary prize but something like bubblegum instead. In 1963, the first electromagnetic slot games were introduced, offering larger payouts of up to 500 coins. 

As technology became more widespread in the 1990’s, slot games began to incorporate digital technology. As a result, new and innovative video slots came about, creating a whole different experience. 

Today’s online slots

Today, there is a huge amount of technology that goes into slot games, in which online and mobile offerings are by far the most popular. The added convenience of mobile slot games has meant that more players than ever before are now able to access online slots, including those that would have never dreamed of stepping foot inside a brick and mortar casino. 

Not only is there a wider audience than ever for digital slot games, the whole slot game experience itself has been rethought and is now a vastly different experience from what it used to be in the early 19th century. 

Let’s take a closer look at some of the technologies that are continuing to innovate online slot games. 

Mobile gaming

Video slot games are one thing but being able to play on a mobile device has been a game changer. In today’s modern world, people have less and less leisure time to spend on playing games, so it’s been critical that the industry came up with a way to make traditional casino games more accessible.

By being able to access a smooth mobile experience on online slot sites, players can easily squeeze in a game of their favorite slots while on the go, whether that be on the way to work on the train, while doing chores around the house, or even from a remote beach while on vacation if there’s Wi-Fi. 

Random Number Generators

Random Number Generators, or RGN’s for short, are a tool that determine the outcome of each spin, making it almost impossible to predict what will happen next. This keeps the game exciting and keeps players coming back for more so it’s vital that this technology is constantly reviewed. 

Today’s RGN technology has improved significantly since the days of the old fruit machine in a pub. The latest technology has made gameplay even fairer for players, ensuring a smooth experience every time. 

More banking choices

While the slot game itself is incredibly important, another vital feature is how players can pay and also withdraw funds to their bank account. While earlier online payment methods were limited to simply credit or debit, today, there are a large number of options available from online wallets like PayPal and Venmo, to cryptocurrencies like Bitcoin and even mobile payments.

These options make it easier for players to access online games while keeping their online identity safer and reducing the risk of payment card fraud. 

Graphics

Many of us remember the simple graphics of traditional slot games. In fact, they could hardly be called graphics. Yet today, motion picture technology means that many online slot games are more like a video gaming experience than a simple slot game.

Players have access to a variety of themed games where they can get up close and personal with their favorite tv and movie characters. This makes the game much more interesting, while also adding a clever level of nostalgia that keeps the payer coming back for more each time.

Overall, the amount of technology now innovating online casino games, and particularly slot games has transformed the industry. These technologies are developing at an incredible rate, in which we can;t wait to see how the industry is innovated next.