Two thirds of adults in Ireland think the banking sector lacks competition, new research has found.
While almost three quarters agree that the process of opening a new bank account is difficult.
The survey, carried out among 1,000 adults in Ireland by Censuswide on behalf of fintech Wise, also found that just over half trust traditional banking to handle their money fairly.
Nearly 16% said they trust app-based banking more while 19% claimed they preferred a financial co-op like a credit union.
43% of respondents said they prefer to use both a traditional banking service and one that is app based.
But a quarter said their preference was to use just a traditional banking service, while 28% opted for only an app-based service.
“Legacy banks continue to be the top trusted choice for the Irish consumer,” said Roisin Levine, Head of UK & Europe Partnerships at Wise.
“However, the majority of Irish people feel that the sector lacks competition, and that there’s room for services to improve. Irish people still trust traditional banks – but they’re open to fintechs, too.”
Three out of every five respondents agreed that traditional Irish banks offer adequate digital based services, with nearly one in every five saying they don’t.
86% said in their view banks should offer customers a simple solution to moving money and spending abroad.
More than 40% said Irish banks change too much to transfer money abroad or to use their card abroad.
“Irish banking can be improved if the two work together,” said Ms Levine.
“By collaborating, fintechs can bring innovation to banks’ scale – with Irish people being the winners.”
Article Source: Two thirds of adults think Irish banks lack competition – Will Goodbody – RTE