Following completion of the acquisition of substantial parts of the Ulster Bank Retail, SME and Asset Finance businesses in the Republic of Ireland, Permanent TSB has announced a major overhaul of its brand and business repositioning as a full service, customer-focused personal and business bank.
The move is a major statement of intent, reflecting the much larger scale and business diversification of the bank, its customer focus and growing ambitions for the coming decade. This is the first full rebranding and repositioning of the bank since the launch of the Permanent TSB brand in 2002 following the merger of then Irish Permanent and then TSB Bank.
The new brand and visual identity was launched to over 2300 PTSB staff at an event in the RDS today.
Key elements of the change include:
The rebrand builds on the bank’s €200 million investment in technology and digital capabilities to enhance customer experience on its online banking platform and digital app, along with its more recent investment of €25 million in support of the refurbishment of its 25 new branches opened earlier this year in communities across the country. The bank has also invested significantly in its people, welcoming more than 330 new staff from Ulster Bank, including Business Direct and Private Banking Teams, and increasing its front-line and customer support staff by 150 over the past year.
The Bank has also invested in improving its customer experience and has put in place a number of initiatives to further support customers, including the introduction of a host role in all 98 branches and the establishment of a vulnerable customer support team, as well as partnering with O’Cualann Co-housing Alliance to enable the development of social and affordable homes across the country. The Bank also recently introduced ‘PTSB Protect’, a new feature to its banking app which will help prevent customers falling victim to fraudulent scams.
The repositioning follows a comprehensive market review and assessment phase conducted over the past 18 months. This involved a customer research programme which explored what customers want and need from their banking partner in the era of fintech, social media, automation and digital banking, and more specifically their attitudes towards the bank itself.
Speaking today CEO of PTSB Eamonn Crowley said;
“The last year has seen phenomenal change and growth at PTSB and our increased scale has completely changed our position in the Irish market. We wanted to reflect that change by undertaking a fundamental review of our ambition, how we can help and support our customers and stakeholders, and how we want to be perceived in the market over the coming years.
The change of brand name from Permanent TSB to PTSB and our customer promise of being ‘Altogether More Human’ is the outward expression of the positive change already happening across the bank. It represents our commitment to putting customer needs at the centre of how we plan, design and deliver for them, whether that’s digitally, over the phone, in one of our 98 branches across Ireland or a combination of all of these.
Our research has shown very clearly that customers want their bank to progress digitally but not at the expense of human interaction. With branches right across the country, PTSB has always been committed to putting the customer at the heart of our operations and to valuing the human touch in the banking relationship with our customers. We have invested in and embraced technology to enhance the customer experience but not at the expense of the human interactions that our customers expect.”
