Bank of ireland personal loan application

blueser

Why does it take the bank so long to get the loan approved, and the funds into my account? I applied last wednesday, and was told it would take UP TO 3 working days to process the application, implying that it could take less. Their tracking facility has 4 stages, and the first two had been cleared on wednesday afternoon. Yet nothing since. I rang them yesterday afternoon to try to find out what was going on, and was told that the loan had been approved, and that the credit agreement was ready to send out. As of yet, there's no sign of it. Rang them again just now, and explained that it's a matter of some urgency. The lady on the phone said she'd get on to the loans department, and that, hopefully (!), the credit agreement would be with me by the end of the day. The end of the day! I was expecting it first thing this morning. It's poor service, treating someone who's been with them over 40 years now.

Jim2007

Nobody can tell you exactly why your loan was delayed, but generally speaking the margins in banking are thin and none of them are going to over staff their departments in order to give you a better service.

As for 40 years a customer, the profit they made on you 40 years ago in no way impacts the need to make a profit this year. The only difference a history with a lender might make is on the go/no decision.

gipi

Remember that last Friday was a bank holiday, which may have slowed things by a day.

blueser

https://www.boards.ie/discussion/comment/120382938#Comment_120382938

I'd have thought that 40 years of loyalty would be better thought of than is apparently the case. Seemingly not.

blueser

https://www.boards.ie/discussion/comment/120382982#Comment_120382982

Yes; I fully appreciate that (not sure why administration staff couldn't work on a a saturday, given they're in a service industry, but there you go). When I applied last wednesday lunchtime, I was told that it could take UP TO three working days. The implication being that it could actually take less. It's now 6 days, which is right on the limit. And apparently, the loan was approved yesterday afternoon. Not sure, therefore, why the credit agreement wasn't emailed out yesterday afternoon. Then again; given the reputation the banking industry has in this country, I was probably being naive in expecting a decent, prompt service. More fool me.

Jim2007

https://www.boards.ie/discussion/comment/120383170#Comment_120383170

Out of interest, how much per month would you be will to pay for the kind of prompt service you are expecting?

blueser

https://www.boards.ie/discussion/comment/120384005#Comment_120384005

That's not really any of your business, to be honest. The loan I'm waiting on is necessary, and is stretching me to the limit. I'm paying more than enough for the quality of service I'm getting. Also; shouldn't prompt service be the norm, not something you have to pay extra for?

phormium

Whatever about their processes the 40 yrs a customer bit means diddly squat anymore to any bank or in fact most businesses these days. The bulk of their staff won't have even been born then and couldn't care less and probably can't understand why you wouldn't have shopped around and moved account many times over that term!

The benefits that being a long term customer went years ago when the decision making was taken from local branches/managers, local knowledge/relationships mattered, it doesn't anymore so don't take it personally.

blueser

It seems that it's just me that finds poor service unacceptable. So be it. I would have thought that, given the battering the banks' reputation has received in the last 15 years, that they would be busting a gut to provide a decent service to their customers. As for local branches, that's a laugh. My local branch closed over two years ago. As has been said, they don't give a f*** about the ordinary Joe customer.

Jim2007

https://www.boards.ie/discussion/comment/120384086#Comment_120384086

That is the key point actually! Two banks are leaving the country because the business was not profitable, the banking sector across Europe has contracted massively over the past decade and you are expecting the kind of service that I used to give to private banking clients who pay upwards of 500 Euros per month and have at least 4m - 7m in AUM with the bank.

Jim2007

https://www.boards.ie/discussion/comment/120384466#Comment_120384466

Most average Joes cost the banks money, so the fewer average Joes they have the less the bank looses, you don't like the service, try another bank but you'll find it is pretty much the same... you expectations are about 20 years out of date.

Jim2007

https://www.boards.ie/discussion/comment/120383111#Comment_120383111

The glass of water you had 40 years ago won't do anything to quench you thirst today, just as a profit made 40 years ago won't do a company any good today.

anheneti

https://www.boards.ie/discussion/comment/120383170#Comment_120383170

It hasn’t been 6 days, today is the third working day

blueser

https://www.boards.ie/discussion/comment/120385369#Comment_120385369

That's why I said, "right on the limit". The limit was 3 working days.

blueser

It seems I'm in a minority of one on here. So be it. No point me trying to convince any of you, nor you me. We're all fixed in our positions re what level of service should be expected from a large institution. Have a good evening.

Citrus_8

https://www.boards.ie/discussion/2058289091/bank-of-ireland-personal-loan-application

You're being funny. Bank isn't interested how long you're with them, nor cares about a small profit they can get. There's a serious staffing issue all across the whole country in pretty much any industry so be ready to wait as urgency doesn't exist these days. I could guess that a bank may be prioritising and working on the more profitable tasks firstly? The only poor thing I can see is that a customer service could provide more realistic lead time. But knowing how arrogant and aggressive the customers can be, I understand them trying to be nice and get the call done as quickly as possible to avoid any unpleasant conversations... These guys aren't paid enough for this **** and they certainly have very little to non control over the lead times. They can log a ticket internally, but I suppose there's a bigger chance your application will go through the necessary steps as per the process sooner than the ticket will get reviewed... Seeing how spoilt the new generation is, and knowing the record low unemployment rate but also cost of living, I wouldn't hope any better going forward to the next few years in relation to the customer services and generally any kind of services. Staff isn't motivated and this is not going to change soon. You just need to be patient.

Citrus_8

https://www.boards.ie/discussion/comment/120384466#Comment_120384466

Do you have any experience in customer services and a sense of entrepreneurship? It looks that you're expecting too much. Irish customer service has never been trustworthy, as far as I remember, processes aren't working well as culturally Irish doesn't like to follow the rules... During covid many many things changed to worse. And as mentioned already, you're expectations are sadly not aligned. I absolutely understand your frustration and a standard of expectations. I'm just saying they aren't realistic.

Jim2007

https://www.boards.ie/discussion/comment/120385465#Comment_120385465

And on that note, this thread has run it's course.