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KBC Bank sees Current Account Opening Increase in March

23 April 2020

As demand for Digital Banking rises

  • Volume of new current accounts opened in March jumped 10% from previous month with a 30% spike in new openings in the latter half of the month following COVID-19 restrictions
  • 75% of new customers opened accounts online and over the phone in March
  • Bank successfully completes significant update to its core banking platform to develop new and innovative banking solutions for customers
KBC Bank Ireland has seen new current account openings jump in March with the volume of new accounts opened showing a 10 percent increase when compared to February 2020. In the second half of March, there was an uplift of 30 percent on new account openings following the implementation of COVID-19 restrictions as customers looked for savings on their day to day banking. Online and over the phone applications accounted for 75 percent of new current account openings in March, as people chose to bank remotely in response to COVID-19.
 
As a digital-first bank KBC currently offers customers unrivalled access to a range of digital products on the KBC mobile banking app and the bank is now ready for the next phase of its digital strategy, following a significant update to its core banking platform. The upgrade will provide the core infrastructure needed to develop new and innovative digital banking solutions.
 
Commenting, Peter Roebben, Chief Executive officer at KBC Bank said: “There has been a notable change in customer behaviour over the past number of weeks, the outbreak of COVID-19 has accelerated consumer adoption of digital products in banking. Following a significant update to our core banking system, our digital-first banking platform is well positioned to support the changing needs of customers. In March, we saw an increase in new current accounts opened, particularly in the latter half of the month when COVID-19 restrictions were first implemented. Our digital capabilities provide customers with a seamless banking experience, delivering increased peace of mind in an otherwise uncertain environment.”
 
“Additionally, our contact centre has been busy with enquiries, particularly from those looking for new solutions in response to COVID-19. Current account applications made online and through the contact centre peaked in the second half of the month, representing an increase of 30% when compared to the first half of the month. We will do everything possible to support our customers in adapting to the impact of Covid-19, now, and in the future. “
 
KBC also offers free contactless payments to all personal current account holders on domestic and eurozone transactions made with a KBC debit or credit card. KBC customers can now use their contactless enabled debit or credit card for all transactions up to the value of €50.00 in most essential retailers. Customers can also use ‘tap and go’ payments for purchases over €50 across KBC’s range of digital wallets including Apple Pay™, Google Pay™, Fitbit Pay™, Garmin Pay™ and Wena Pay™.
 
KBC Bank Ireland has a range of supports in place to help customers. A dedicated KBC team has been established to help vulnerable customers with any financial concerns or questions they have regarding Covid-19.