When Francesca McDonagh joined Bank of Ireland as CEO in 2017, it was with a “mandate for change”. 

It was the only Irish bank to have repaid the taxpayer for its support during the financial crisis, and now there were new priorities. Francesca was tasked with widespread reform of BOI’s culture, systems, and business model. The opportunity, not just to transform Bank of Ireland but also to help change the banking sector in Ireland, is one that McDonagh not only relishes, but views as “a duty”. 

Implementing widespread transformation has involved some tough decisions. However, one thing that McDonagh intends to maintain and evolve is the “personal touch” when it comes to customer relationships, particularly during their journey through the bigger decisions in life such as buying a home a car, or planning for retirement. 

Richard and Francesca also discuss: 

·         Bank of Ireland’s massive pivot to digital, the closure of branches and the future of day to day banking

·         Francesca’s views on the residential property market and the mortgage system in Ireland

·         The future of banking and competing with the new specialist providers entering the Irish market

·         Why the normalisation of the State and Sector relationship is important as Irish banks increasingly compete for talent across Europe

·          Francesca’s family background and personal views on hard work, resilience, and the benefits of diversity.