+8

Relationship Net Promoter Score*

Partnership with the SBCI

A new partnership with the Strategic Banking Corporation of Ireland, providing €50 million in funding to Irish SMEs

c.€100 million

invested in Digital Transformation

*A customer brand tracking survey carried out in December 2020 indicated a Relationship Net Promoter Score* (RNPS) of +8, up four points on last year and placing Permanent TSB in second position among the retail banks in Ireland.

Evolving Our Culture For Our Customers

Our ambition to be Ireland’s best personal and small business bank is only possible if we continue to work hard every day to build trust and transform our culture for our customers.

In addition to our own focus on culture improvement, Permanent TSB is also actively involved in improving culture across the banking industry as a member of the Irish Banking Culture Board (IBCB). The IBCB, which operates as an independent body chaired by Justice John Hedigan, helps to ensure the industry is focused on fair outcomes for our customers and employees, thereby rebuilding a sustainable banking sector. The Board includes representation from all five of the Irish Retail Banks.

Vulnerable Customers

Permanent TSB is committed to understanding the needs of our vulnerable customers, ensuring that they are not only considered in the financial products and services we provide, but through every stage of the customer journey. With a focus on continuous improvement, the Bank has processes and procedures in place to support our vulnerable customers.

In 2020 the Bank implemented a new set of principles, our Vulnerable Customer Guiding Principles, to enable us both to further support the needs of our customers who may be vulnerable and to provide guidance and support to our colleagues. 

Following the onset of Covid-19, a range of additional supports were mobilised for our vulnerable customers in order to provide appropriate access and support. Actions taken include:

  • The mobilisation of a cross functional working group focused on developing appropriate supports for vulnerable customers;
  • The introduction of priority banking hours across our Retail Network;
  • The launch of priority banking hours through Open24, with specialist agents  trained to assist;
  • The implementation of a third party withdrawal process in branch for those customers cocooning at home;
  • The rollout of communication campaigns to drive awareness for colleagues on such items as fraud prevention, financial abuse and details of advocacy support groups for vulnerable customers; and,
  • The release of the Safeguarding Ireland Guide for Customers Cocooning at Home in collaboration with the Banking and Payments Federation of Ireland (BPFI).

We look forward to building on this programme of work in 2021, with a comprehensive programme of work planned that is focussed on enhancing our service offering and removing barriers for our vulnerable customers, while ensuring that our colleagues are equipped will the skills they need to better serve our vulnerable customer cohort.

Permanent TSB is an active member of the BPFI’s Vulnerable Customer Forum.

Encouraging Financial Wellbeing

At Permanent TSB, we recognise that we have a responsibility to enable financial wellbeing among our customers.

As part of our partnership with Irish Life, all customers are offered a free financial review, focused on supporting them in making informed financial decisions. The financial health check is undertaken by Irish Life and was traditionally completed by making an appointment at any of our branch locations nationwide. Given the impacts of Covid-19, in 2020 we moved consultations to virtual channels, completing nearly 7000 financial reviews to support customers in taking control of their financial future.

Providing Valuable Products And Services

Our purpose is to work hard every day to build trust with our customers – we are a community serving the community. In order to deliver on our purpose, we are focused on developing trusted banking relationships with customers through: listening to what they have to say; developing products that matter most to them; and, delivering a great customer service experience, whether that be in our network of branches, through our customer service centres, online or via mobile.

Examples of our commitment to enhancing customer experience include the introduction of a  Voice of the Customer Programme, our focus on digital transformation, the continued investment into our Branch Network and our commitment to supporting our Business Banking customers.

Evolving Our Digital Service

Permanent tsb has embarked on a four year journey to deliver a Digital Transformation Programme, investing c.€100 million in digital transformation.

The onset of Covid-19 in early 2020 accelerated the pace of change for our customers and the way they interact with us has fundamentally changed:

  • 72% of customers are now choosing to bank using online channels
  • c.500,000 active users of Open24 Web and App in 2020
  • c.100 million logins on both Open24 Web and App in 2020
  • 81% of our Term Lending applications are now being completed online
  • 92 million contactless payments made by Permanent TSB customers last year

Personal service will remain at the heart of everything we do. However, as customer needs have changed so profoundly, digital is playing an ever increasing role in our service offering.

Permanent TSB has embarked on a four year journey to deliver a Digital Transformation Programme, investing more than c.€100 million in digital transformation.

The programme of work is well underway and significant progress was made last year in enhancing our customers’ digital offering. Actions taken include:

Digital Support Through Covid-19

  • The increase of contactless payment limits to €50, encouraging contactless as a safer payment option
  • The introduction of a Covid-19 Hub on permanenttsb.ie
  • The implementation of an online portal to facilitate Mortgage and Term Loan Payment Breaks for more than 12,000 customers
  • The mobilisation of four new regional contact centres to further support in answering customer queries

Digital Support For Our Customers’ Everyday Banking Needs

  • The introduction of Apple Pay
  • The launch of video banking, the first of its kind in Ireland
  • The implementation of in App overdraft application capability
  • Transformed secure customer login to App, removing the complexity of passwords
  • Digital documentation upload functionality
  • The roll out of identity verification and document uploader technology
  • The introduction of Artificial Intelligence (AI) technology, with a chat bot pilot underway

Digital Support For Our Business Banking Customers

  • The introduction of digital supports for our Business Banking customers, including the development of a digital portal to support credit applications through our partnership with the Strategic Banking Corporation of Ireland (SBCI)

Digital Support Across Our Workplace

  • The retrofitting of our branches to include the latest in digital technology
  • The deployment of a new digital collaboration platform to enable more agile ways of working
  • The roll out of digital workplace technology to enable our colleagues to support our customers when working remotely

These new service offerings allow us to support our customers further, allowing them to bank in a way that is both flexible and secure. We look forward to building on this momentum with further rollouts planned for the year ahead.

Investing In Our Branch Network

Following a significant upgrade of our flagship Grafton Street location in 2018, we have continued the investment into our Retail Network, committing more than €30 million in funding to transform our branches – allowing us to adapt to changing customer behaviour and better serve our customers via a channel of their choosing.

Our refurbished branches now have enhanced digital capabilities, including: digital marketing screens that reduce our reliance on print marketing; iPads with supporting phone lines into our customer service centre, Open24; state of the art, purpose-built customer meeting areas; and the latest ATM and SSBM technology.

In addition, the Bank introduced additional ATM functionality that allows us to now accept cash and cheque lodgements across many branches in our network. This follows feedback from both customers and colleagues, and has been a welcome addition to our service offering through Covid-19. The introduction of new ATM technology is ongoing.

This continued investment in our Branch Network supports us in delivering on our ambition to be Ireland’s best personal and small business Bank. We look forward to building on this momentum with the refurbishments of Ennis, Co. Clare and Portlaoise, Co. Laoise planned this year.

Supporting Our Business Banking Customers

Permanent TSB’s refreshed Business Banking strategy is focused on partnering with small businesses, not just in terms of supporting their banking needs, but through acting as advisers to help them to grow.

In 2020, we announced a major expansion of our SME offering by partnering with the Strategic Banking Corporation of Ireland (SBCI) to provide €50 million in low-cost loans under the Irish Government's Future Growth Loan Scheme for SMEs.

Through the partnership, SMEs will benefit from lower borrowing rates and more attractive borrowing terms as the loans will be 80% guaranteed by the SBCI, which was set up by the Irish Government to enhance access to low-cost finance for SMEs through banks and other lenders. To support the partnership, the Bank launched a new digital journey to help SMEs avail of SBCI lending through an online portal.

The partnership has proven successful, and we expect the €50 million in funding to be fully drawn during Quarter 2 this year, demonstrating our commitment to supporting our SME customers, backed by our strong commitment to the communities in which we operate.

Additional actions taken to support our Business Banking customers in last year include:

  • The launch of a partnership with Digital Business Ireland Digital Business Ireland (DBI), supporting our SMEs to migrate their business to online channels through the supports offered by DBI
  • The introduction of Apple Pay for our Business Customers
  • The recruitment of sector and market expertise to help us further support our customers
  • The sponsorship of the Small Firms Association (SFA) National Business Innovator of the Year Award, encouraging innovation and driving new business in what was a challenging year for SMEs

In 2021, we are committed to going further, with a dedicated programme of work planned which will include a focus on digital innovation and the introduction of new products and services.

Guiding Our Customers Through Brexit

Permanent TSB is committed to supporting our customers and assisting them in navigating Brexit and preparing for the future. During 2020, we were focussed on putting the necessary supports in place for our customers through a suite of ‘Getting Brexit-Ready’ communications.

In addition, we introduced to dedicated supports for both our personal and business customers via our website and mobilised a range of other activity to ensure that our customers were ‘Brexit-Ready’. These included:

  • Writing to customers potentially impacted by additional information requirements for Direct Debits and Credit Transfers coming from the UK;
  • Implementing technical enhancements to ensure that all the required information was contained within the payment files in respect of payment transactions from Permanent TSB to the UK;
  • Issuing proactive communication to the most impacted business borrowers by sector, location and debt level;
  • Delivering a suite of digital ‘Getting Brexit-Ready’ communications through our website, SMS and social media channels;
  • Introducing dedicated phone lines for customers seeking additional Brexit support;
  • Offering all customers borrowing in a business capacity the option of a credit facility review;
  • Providing impacted borrowers the option of temporary payment breaks and/or increased overdrafts; and,
  • Continuing to track customer transactions likely to be impacted by FTR changes as part of our regular business practices.

The Bank was also part of a joint Banking and Payments Federation of Ireland (BPFI) proactive national awareness campaign, urging Irish businesses to check important changes to direct debit processing as Brexit approached.

We continue to work alongside our customers as we navigate the period of uncertainty in the weeks and months ahead. Brexit is now part of the regular engagement we have with our business banking customers, and is reflected in all credit submissions which refer to the risks associated with Brexit and actions taken by business to mitigate against those risks into the future.

Community Partners

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