Bank of Ireland has launched the Extra Help Hub, a new resource which will provide a range of additional supports for customers, families and carers.
The Bank of Ireland Extra Help Hub features resources and practical information around areas including financial abuse, dementia or incapacity, and advice on power of attorney and the Assisted Decision Making Act (ADMA), and related arrangements regarding a person's finances.
The information available on the hub on Bank of Ireland's website includes links to forms and official documents, instructions on how to resolve a number of common issues and ways to access supports from specially trained colleagues in the bank.
Insights gathered from over 30,000 contacts from customers, carers and advocacy groups to the bank's Vulnerable Customer Unit have been used to design the hub and inform the services and resources that customers need most.
The bank has partnered with advocacy groups including Dementia Ireland, the Alzheimer Society of Ireland and the HSE National Safeguarding Office to aggregate the most important information that their service users need to manage their financial affairs.
Rob O'Connor, HSE National Safeguarding Office, said the office handled over 13,700 reports of safeguarding concerns from the general public in 2022 - an 18% increase on the previous year.
"Banks naturally play a critical role in helping to put in place the often urgent supports people need to keep their finances safe at these challenging times," Mr O'Connor said.
"Services like the Bank of Ireland Vulnerable Customer Unit and resources available on the Extra Help Hub are a practical support to the work that we do in assisting our callers to the service," he added.
Aine McCleary, Bank of Ireland's Group Chief Customer Officer said that providing the supports and education that its customers need to protect their financial wellbeing at all stages of their lives is central to everything the bank does.
"This is especially important when they face a serious challenge or vulnerability and need extra support from their bank," Ms McCleary said.
She said the bank's Vulnerable Customer Unit offers support in many different circumstances, from the day to day issues that customers, their families or carers encounter, to the very urgent – like fast-tracking protections on a customer's account where financial abuse is suspected.
"Loss of, or limited capacity can happen to anyone for a variety of reasons. A change in the family dynamic is particularly challenging at this sensitive time," she said.
"These conversations are not always easy to have but are essential, to ensure that the practical necessities like banking can be handled seamlessly by a family member or trusted carer, when a customer may not be in a position to do so themselves," she added.
Dr David Coleman, Clinical Psychologist and contributor to the Extra Help Hub, said that family life is rarely straightforward and there are always changes and challenges along the way.
"Things like accidents, infirmity, dementia, and sudden strokes can significantly impact both the person and their family as many adjustments may need to occur. Death, too, sends shockwaves through a family and the loss can be profound," Dr Coleman said.
"Having clear information, and a reliable source of advice and guidance can be invaluable, both to ensure things are done correctly and in line with the regulations and the law, but also as a reassurance and a source of support to take some of the pressure off families who may dealing with their own traumas or distresses associated with the circumstances that led to the financial affairs being changed in the first place," he added.
