The Bank of Ireland has revealed plans to shut down its mobile phone top-up service in order to focus on new features for its banking app. The bank has decided to shut down the service even though it reported an increase in digital transactions as well as a decline in in-bank transactions in 2022 according to irishexaminer.

com. The service in question allowed clients to use the bank’s 365 online services or its app to top up mobile phone credit for Vodafone, Three, or Eir accounts. Starting 31 March 2023, the service will no longer be available, as the Bank of Ireland is re-focusing its efforts on new features and services for its banking app.

Company representatives offered some reasoning behind the decision by emphasising the wide range of online and in-store alternatives for mobile top-ups. They also revealed what kind of new features they’re looking to implement into their banking app, including a biometric login system with face or fingerprint recognition, as well as  in-app card controls that would help clients to better manage their finances. For customers that are looking for alternative ways to top up their phones, Bank of Ireland officials pointed them towards the websites and retail stores of their phone providers, and post offices or Payzone retailers.

The bank also issued an official apology for any inconvenience that the service shutdown may cause and acknowledged that the news may not be welcomed by everyone. They also informed their customers that they can always close their accounts with the bank if the removal of the top-up feature is a dealbreaker for them. As long as they don’t have any overdrawn balances or due fees, clients can close their accounts with the bank free of charge.

Bank of Ireland’s cost-cutting efforts According to irishtimes. com, the Bank of Ireland has been focusing on cutting costs as a result of stiff competition from digital challenger banks such as Revolut. In 2021, the bank closed one-third of its branches on the island of Ireland, reducing its staff numbers by almost 17% since 2020.

At the time, the bank’s representatives told the Oireachtas Finance Committee that it had experienced a sharp decline in in-branch transactions and a significant increase in digital transactions. The same source informs that, in its 2021 annual report, BoI revealed it had 23 million visits on average per month to its digital channels, 86% of which were to its mobile app, up from 64% in 2020. .