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Brian Goggin, CEO Bank of Ireland speaks at Business Breakfast organised by UCD Smurfit School Marketing Development Programme

Date: 12 Nov 2007

Pictured from the left - Dr Damien Mc Loughlin, Padraig Mc Manus CEO ESB, Anne-Marie Rhatigan-Marketing Development Programme, Tadhg O’Donoghue ESB Chairman, Brian Goggin, CEO Bank of Ireland.

“Bank of Ireland: Managing Change in Changing Times”

November 7th 2007: On the day Bank of Ireland announced its readjusted growth predictions for 07/08, Mr. Brian Goggin stressed the importance of managing change in an evolving and recently turbulent financial services environment.

Mr. Goggin addressed over two hundred of Ireland’s leading business people from a range of companies including Accenture, Deloitte, Ernst & Young, Davy Stockbrokers, Vodafone and AIB at the UCD Marketing Development Programme Business Breakfast. The event, sponsored by ESB Customer Supply, was held in The Four Seasons Hotel on Wednesday 7th November. The Business Breakfast is a bi-annual event organised by a team of students from the MSc in Marketing Practice, commercially known as the Marketing Development Programme.

At a time when regular change is evident in the financial sector, Mr. Goggin stressed the importance of effectively aligning the internal fabric of an organisation, such as Bank of Ireland, to manage change effectively. Over the last three years, they have undertaken a journey to transform what had been perceived as an archaic institution into a “fighting, fit, strategically strong business with a clear growth focus”.

Due to “developing competition”, “escalating customer expectations”, and a “more demanding regulatory regime”, Brian Goggin set about executing a strategy to compete in this ever changing environment. He identified the need to create a competitive low cost operating model for Bank of Ireland in order to address their under performing UK businesses, to create new growth platforms, and to achieve genuine customer differentiation.

Mr.Goggin revealed that Bank of Ireland’s focus is now “less about building systems” and more about “living up to the brand”. In relation to Bank of Ireland’s strategic growth plan, Mr.Goggin stressed that this journey of change is by “no means over”, stating that “change is not a project, but a culture that must be woven into the fabric of an organisation”.

When questioned, Mr. Goggin upheld Bank of Ireland’s renowned positive attitude towards the Irish economy which has experienced a slight downturn this year. Mr. Goggin admitted that Bank of Ireland have been slightly over-ambitious in their forecasted growth figures for 07/08, having recently readjusted these due to a slow down in the construction industry. However, despite this unpredictable environment, Mr.Goggin retains an optimistic outlook on the Irish economy, stating his full confidence for the year ’09 due to an upsurge in the number of house completions.     

 

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