Postbank, a new community-based banking joint venture created by Fortis and An Post, has started trading from over 250 post offices in Ireland.
Postbank will extend its banking services to over 1,000 Irish post offices within the next 12 months, and aims to have the largest retail banking network in Ireland by the end of 2008.
Fortis and An Post claim that Postbank will pose a threat to existing high street banks as it offers a distinctive package of products and services at competitive prices.
Postbank’s initial services as an independent Irish bank will be based on a demand deposit account and a guaranteed investment product. However, over the next year, the bank’s services will be extended in stages throughout the national network of post offices to include current accounts, credit cards and ATM facilities. In addition, Postbank has taken over One Direct and PostPoint from An Post.
The new Postbank products will enable post offices across the country to grow business volumes and expand their services. Furthermore, major investments in the latest banking technology are expected to support the post office network in capitalizing on these new opportunities.
Postbank services will be available to the public through several channels. Retail banking services will be provided by a combination of Postbank staff and post office officials through the high street branch network. Postbank products will also be accessible directly over the phone at the bank’s Athlone-based customer contact center. Finally, a full online banking service will be available later this year, following the installation of the bank’s new technology platform.