Bank of Ireland launches dedicated unit to support vulnerable customers

Experienced team to support customers facing challenges

Unit has identified and assisted 400 vulnerable customers in first month

Bank of Ireland has launched a new Vulnerable Customer Unit (VCU) to provide enhanced support to customers in vulnerable circumstances. This unit, which is designed to be a centre of expertise within the Bank, will provide banking support to customers facing vulnerable circumstances or situations including age-related or cognitive impairment, financial abuse, illness, and addiction.

Bank of Ireland’s Financial Wellbeing programme, launched earlier this year, aims to help consumers take more control of their finances and make better financial decisions. For vulnerable customers, however, this can be especially difficult. For this reason the Bank has placed its existing vulnerable customer resources under the direction of a dedicated team to better help customers improve their financial wellbeing irrespective of the circumstances facing them.

According to the Central Statistics Office’s most recent census, there are 643,000 people with a disability in Ireland. A Report prepared by the Department of Health, ‘Health in Ireland, Key Trends 2018’ shows that the number of people over 65 is increasing by over 20,000 a year, with 673,000 people over 65 as of 2018, an increase of 35% since 2009. The Department of Health Report also shows that there were 263,000 people on the long term illness scheme in 2017, an increase of 119% since 2008. These and other circumstances can increase customer vulnerability.

Speaking about the launch of the unit, Director of Customer Segments & Propositions at Bank of Ireland Laura Lynch said, “Over the course of our lives most of us will probably find ourselves in a vulnerable situation, whether due to financial hardship, bereavement, illness, or cognitive impairment as we get older. Bank of Ireland’s commitment to financial wellbeing is not just about helping our customers to manage their money – it’s also about supporting them when they need us most. Our Vulnerable Customer Unit will provide expert support and guidance to our frontline customer service colleagues so that issues can be dealt with appropriately and efficiently when they arise.”

The new VCU is based in Co. Carlow and staffed by eight specialists with extensive experience in retail and community banking, fraud and financial crime. The team has completed bespoke training with advocacy and support organisations including AsIAm (autism), the National Council for the Blind Ireland (sight loss), the National Federation of Voluntary Service Providers (intellectual disability), the Rutland Centre (addiction), and Sage Advocacy (vulnerable adults, older people, healthcare patients).

The VCU will provide training, support and guidance to staff in branches and contact centres across the country to heighten awareness of vulnerable customer issues and facilitate proactive detection and effective intervention on a case-by-case basis.

Since the unit was established it has provided assistance in approximately 400 cases. Based on a review of 150 of these cases, the Bank estimates that they fall broadly into five vulnerability areas: care needs (c. 55%); financial abuse (c. 20%); addiction (c. 10%); impairment and accessibility (c. 10%); and others such as suicide, transgender transition, and no fixed abode (c. 5%). The unit also exists as a support line for advocacy and support groups to flag and escalate issues which they encounter.