Irish Consumers Frustrated with Traditional Banking: Report
Three quarters of Irish adults are expressing their dissatisfaction with the high banking fees charged for essential services like account maintenance and ATM withdrawals, according to new research conducted by Censuswide on behalf of fintech company Wise.
The second annual State of Irish Banking Report reveals a significant shift away from relying solely on traditional banking.
High Fees Fueling Fintech Adoption
Respondents in the survey cite a lack of transparency around banking and international fees as another major pain point, with 25% expressing discomfort. This, coupled with frustration over high fees, lack of competitive interest rates, poor customer service, and slow international transactions, has driven a growing preference for fintech solutions.
Just 20% of people now rely exclusively on traditional banking services, a 6% decrease from the previous year. Conversely, just over a third of respondents now prefer using only app-based financial services, while the remaining 49% identified as hybrid customers, utilizing both traditional and digital platforms.
Harsh Sinha, Chief Technology Officer at Wise, commented on these findings, stating:
> “We are witnessing a tipping point for banking and fintech in Ireland. The 2024 State of Irish Banking Report highlights how high fees and outdated processes are driving momentum for faster, more competitive, transparent, and consumer-friendly financial providers in the market.”
Demand for Seamless Global Transactions
The report also sheds light on how Irish customers feel about spending abroad. 79% of those surveyed are seeking simpler solutions for transferring and spending money internationally.
Wise highlights a 12% year-on-year increase in the use of digital payments while traveling, indicating a growing demand for seamless cross-border transactions.
Roisin Levine, Head of UK & Europe Partnerships at Wise Platform, emphasizes the need for both traditional banks and fintech companies to adapt:
> “Our research shows that Irish people want to see banks increase their use of fintech solutions and provide simpler ways to manage their money. This isn’t just about modernisation – it’s about creating a financial ecosystem that matches the pace and innovation we’re seeing across Europe. Both banks and fintechs have a crucial role to play in delivering the technological advancement that consumers now expect.”
### Looking Forward
The report clearly demonstrates a shift in consumer preference towards faster, more transparent, and cost-effective financial solutions. It underscores the growing importance of fintech in providing competitive alternatives to traditional banking.
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