Allied Irish Banks (AIB) has scrapped its plans to remove cash services from branches to allay public unease.

Earlier last week, AIB announced a €40m investment programme that included deepening relationship with An Post and repurposing 70 of its 170 to focus more on account opening, financial planning, mortgages, loans, savings and investments.

The investment programme also includes hiring for 500 roles by the year-end, focusing on digital, technology and data roles.  

AIB stated that there are 2.9 million daily digital interactions compared with 35,000 customer branch visits.

Cash withdrawals from ATMs have slumped 36% and cheque usage has fallen 50% over the past five years, the bank said.  

Branch over-the-counter teller transactions have also fallen by 50%, in contrast mobile and online payments have soared by 85% in that same timeframe, it added.

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By GlobalData

“It was in the context of this evolving banking environment and the opportunity to enhance its longstanding relationship with An Post that AIB took the decision to remove cash services from 70 of its branches. However, recognising the customer and public unease that this has caused, AIB has decided not to proceed with the proposed changes to its bank services,” the bank’s statement read.

AIB said it will retain its branch network in its entirety and offer banking service via its partnership with An Post at its 920 post offices across the country.