Behaviour & Attitudes conducted a survey of consumers on behalf of the Department of Finance to ascertain their experience and perceptions of the banking sector in Ireland. The results were presented at the Retail Banking Review Dialogue in Tullamore the 16th May 2022.
The survey demonstrates a high reliance on financial providers with a branch network, with 97% of the population having their main current account with the retail banks, a credit union or An Post. 1 in 10 have their main current account with Ulster Bank and or KBC, banks that will be leaving the Irish market shortly. While just 1% have their main current account with a FinTech provider, almost 1 in 5 use a FinTech provider at least occasionally.
While the survey demonstrates that the population as a whole has adopted to a more digital banking experience, we still see a strong reliance on the branch network among those over 54 years and especially among those aged 65 years or older.
Cards are now the most dominant payment in-store but we still see 1 in 5 preferring cash payments, this is higher in the older age cohorts.