Belfast Telegraph

Bank's new financial wellbeing site draws 30,000 visitors in first month

Initiative: Francesca McDonagh
Initiative: Francesca McDonagh

By Fearghal O'Connor

Bank of Ireland has invested €5m (£4.3m) into a new financial wellbeing programme for its customers.

Since the programme launched last month a new financial wellbeing website has received more than 30,000 visits and more than 15,000 financial health checks have been completed.

The new website is part of a wider programme initiated by the bank - led by chief executive Francesca McDonagh - aimed at helping as many as 200,000 of its customers manage their money and plan for the future.

The bank has appointed a new head of financial wellbeing, Shane Quinlan, who said the programme was designed "to support customers' financial capability, literacy and confidence" with an investment of €5m in initiatives in 2019.

"Financial wellbeing is a person's ability to confidentially manage money and plan for the future, regardless of how much money they have," he said.

"Through our programme, which will run initially for five years, we want to help consumers take more control of their daily finances and support better financial decision-making for themselves, their families, and their businesses."

Mr Quinlan said with 1.7 million personal and 200,000 business customers that "if we improve the financial wellbeing of our customers we believe this can make a real impact nationally".

The programme includes tools for consumers and businesses to check what the bank described as "their own financial wellbeing score".

Customers who check their own score will also be able to sign up for seminars and one-to-one financial adviser meetings, it said.

The programme would also include an expansion of the bank's Youth Financial Literacy Programme, offering the programme to every primary and secondary school student in Ireland, as well as the establishment of a "financial wellbeing lab" for piloting and testing new initiatives.

Belfast Telegraph