Permanent tsb commits a further €50 million investment in technology infrastructure and digital services
Permanent tsb is announcing a further €50 million investment in its technology infrastructure and digital capability which will allow the bank prepare for a significant expansion of customers and services over the coming years, bringing an enhanced digital experience for customers.
The Bank is currently working to a €100 million multi-year investment programme in technology and digital capability. This investment programme has delivered an upgrade of the Bank’s core platforms, increased security for customers through the introduction of Secure Customer Authentication, integrated a new API platform to enable open banking, and has made significant improvements to digital services via the permanent tsb mobile App and web portal.
As part of the existing programme, permanent tsb have partnered with EY and global service integration providers Infosys and Finacle, accelerating the development of best in class digital services for customers, including current account opening via the permanent tsb App, which is launching in May. The new digital process will allow customers to apply for a current account online in less than 10 minutes and will be a market leading digital offering in Ireland, offering a seamless on-boarding journey for customers.
Commenting on the announcement today, permanent tsb’s Chief Technology Officer Tom Hayes said; ‘As we focus on our ambition of becoming Ireland’s best personal and small business bank, we are preparing for a significant expansion of our customer base over the coming years, greater customer use of our digital services and further enhancements to the customer experience. Customer usage of our App and web services has increased exponentially over the last number of years and we’ve seen over a 30% increase in customer online usage of everyday banking services over the last year alone.
In response to these changing customer needs, we have already delivered a significant upgrade of our core banking platform and many new digital services, including; term lending, credit cards and overdrafts in App, upgrades to our app and desktop services along with the introduction of video banking and Apple Pay.
We have a strong partnership with EY, Infosys and Finacle, supporting the delivery of our new online current account opening and further boosting the digital experience for our customers. Together with our Permanent TSB team, these partners bring exceptional expertise and digital transformation capability, supporting us to achieve our ambition.
The additional €50 million digital investment announced today complements our commitment to maintaining our Branch network and supporting communities nationwide, enabling us to offer customers a seamless digital experience online, as well as personal support and advice in branch or via our open 24 contact centres.’
Ajay Vij, SVP and Industry Head, Financial Services, Infosys, said: “permanent tsb has a history of 200 years of leadership in the banking sector in Ireland. We at Infosys are incredibly proud that the bank’s ambitious digital transformation program is backed by our industry leading Finacle Digital Engagement Suite. As their system integrator we are delighted to support permanent tsb, delivering in its goal to deliver world-class digital experiences for its customers, and drive sustainable growth and market-share.’’
