Consumer Sentiment
Banking Survey
August 2023
August 2021
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Contents
1. Summary of Main Findings ...................................................................................................... 1
1.1 The Banking Landscape, Experience & Switching ........................................................................... 1
1.2 Channel Usage & Preferences ................................................................................................................... 4
1.3 Fintech Providers ........................................................................................................................................... 7
2. Introduction .............................................................................................................................. 9
2.1 The Retail Banking Sector ...................................................................................................................... 9
2.2 Study Scope .................................................................................................................................................... 10
3. Methodology .......................................................................................................................... 11
3.1 Sample Selection .......................................................................................................................................... 11
3.2 Sample Accuracy .......................................................................................................................................... 12
3.3 Collection of Data ......................................................................................................................................... 12
3.4 Sample Size ..................................................................................................................................................... 12
3.5 Questionnaire ................................................................................................................................................ 12
3.6 Limitations ...................................................................................................................................................... 13
3.7 Privacy of the Respondent ....................................................................................................................... 13
4. Profile of Respondents........................................................................................................... 14
5. Banks & Financial Providers .................................................................................................. 15
5.1 Banks & Financial Providers Used ........................................................................................................ 15
5.2 Overall Satisfaction with Banks ............................................................................................................. 17
5.3 Complaints over Financial Service Providers .................................................................................. 19
5.4 Awareness of Relevant State Agencies/Bodies ............................................................................... 22
6. Financial Products/Services .................................................................................................. 24
6.1 Financial Products/Services Held......................................................................................................... 24
6.2 Provider for Financial Products ............................................................................................................ 26
7. Fintech Providers ................................................................................................................... 27
7.1 Fintech Usage ................................................................................................................................................. 27
7.2 Fintech Appeal .............................................................................................................................................. 28
7.3 Importance of Fintech Features ............................................................................................................ 29
7.4 Fintech as a Substitute for Traditional Banks.................................................................................. 30
8. Channel Availability & Usage ..................................................................................................... 31
8.1 Bank Branch ................................................................................................................................................... 31
8.2 Online Banking .............................................................................................................................................. 35
8.3 Main Form of Contact ...................................................................................................................................... 39
9. Channel Preference & Satisfaction ............................................................................................ 40
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9.1 Preferred Form of Contact ....................................................................................................................... 40
9.2 Level of Confidence in Automated Branch Services...................................................................... 41
9.3 Level of Confidence in Ability to Use Online Banking Services ............................................... 44
9.4 Satisfaction with Branch Service and Remote Services .............................................................. 47
10. Switching Behaviour & Experience .......................................................................................... 53
10.1 Switching Consideration/Incidence .................................................................................................... 53
10.2 The Switching Process ............................................................................................................................... 55
10.3 Main Reasons for Switching/Not Switching ..................................................................................... 57
10.4 Usage of Comparison Tools ..................................................................................................................... 59
10.5 Level of Choice in Market ......................................................................................................................... 61
11. Cash vs Card Payment ............................................................................................................. 64
11.1 Preferred Payment Method In-Store ................................................................................................... 64
11.2 Most Common Method for Cash Withdrawals................................................................................. 68
Appendix 1 – The Questionnaire .................................................................................................... 70
Appendix 2 – Social Class Definition ............................................................................................. 85
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1. Summary of Main Findings
This report contains the results of the Department of Finance Consumer Banking Sentiment Survey 2023,
covering consumer experience and perceptions of the banking sector in Ireland. All interviews were
conducted between 12
th
June and 26
th
July 2023 amongst a nationally representative sample of 1,501
adults aged 18+ years. The first wave of this survey was conducted February-April 2022, as part of the
Department of Finance Retail Banking Review and comparisons between 2022 and 2023 are shown, when
relevant.
Interviewing was completed by Behaviour & Attitudes face-to-face interviewers using CAPI (Computer Aided
Personal Interviewing). Sampling points were randomly selected, ensuring overall geographical
representativeness. Quota controls were also implemented on gender, age and socio-economic status to
ensure a nationally representative sample.
1.1 The Banking Landscape, Experience & Switching
According to the results of this survey wave, the two pillar banks, AIB and Bank of Ireland, continue to
dominate in terms of main current account held, and have 41% and 33% market share respectively. This
represents an increase of 5% for AIB and 1% for Bank of Ireland. Permanent TSB now stands at 13%, also
up 1%. However, this should be considered in the context of both Ulster Bank and KBC exiting the market
this year.
The survey results port that the use of ‘fintech’ which includes a growing use of apps on smartphones and
contactless payments by customers of traditional banks has increased as has a rise in the market share of
“digital only”
1
banking providers.
Revolut has made significant inroads over the past 12 months – 4% consider this provider as their main
provider (up from 1% last year). However, the financial services provider is becoming more prominent as
part of consumers’ repertoire; 1 in 3 (33%) now have some relationship with Revolut, compared to 18% in
2022.
Just over 2 in five (41%) of Irish adults have just one financial provider (down three points since 2022),
with 57% being multi-banked.
Nearly 7 in 10 (69%) possess a savings account, down 6%, with 1 in 3 owning a credit card. Just over one
fifth (21%) have a mortgage, down 4%.
1
https://www.centralbank.ie/consumer-hub/explainers/what-do-i-need-to-know-about-digital-only-banking-providers
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In terms of satisfaction with their main financial provider, over 1 in 3 (34%) state that they are very satisfied,
an increase of 3%. Overall satisfaction remains steady at 82%, with dissatisfaction being expressed by 6%;
similar to 2022.
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Switching consideration for banking products is somewhat limited, with 11% having ever considered
switching their current account. Propensity to switch is higher among mortgage account holders; 17% have
considered switching. Switching intentions for other financial products are in single digits.
There is a perception that there is a decreasing lack of competitiveness across most products, with current
accounts and mortgage options in particular seen to be lacking in choice for a sizeable minority of
respondents.
However, reflecting the structural changes in the banking landscape (Ulster Bank and KBC’s exits), there
has been a noticeable increase in those who have already switched, with 9% having changed their current
account (up 5% since 2022) and 10% having switched mortgages (also up 5%).
Among those who have switched current accounts, 37% found the process to be very easy. However, 1 in
5 or 20 % experienced some difficulties.
The main barrier to switching in general is a perception that the process may not be seamless, with many
citing reasons such as ‘it is difficult in general’, ‘lack of time’, ‘difficulty in researching the switching
process’.
Inertia is also a prominent reason for not switching banking products. The actual cost of switching is not
seen to be a particularly influential barrier.
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1.2 Channel Usage & Preferences
Nearly 3 in 5 (59%) report living within five kilometres of a branch of their main bank. 1 in 5 (19%) state
that they to live at least 10 kilometres from their main branch.
Unsurprisingly, those living in Dublin are most likely to be living in closer proximity to a branch of their main
bank, with 3 in 4 (76%) located within a five-kilometre radius. This is also reflected in the Urban/Rural
divide – 75% of Urbanites are within a shorter range.
In contrast, over 2 in 5 rural dwellers (41%) have to travel at least 10 kilometres. Those living in
Connaught/Ulster have the furthest distances to travel.
89% of those with a current account have ever visited their branch in person, with males, older customers
and those living in rural areas more likely to have done so.
The main reasons for customers to visit their branch is to lodge/withdraw cash (63%), followed by
endeavoring to speak to staff about specific products (such as mortgages, loans or overdrafts {32%}).
Cards, and especially debit cards, are the preferred payment method when in a physical location,
particularly among those aged under 45. However, both have slipped back this year, with Smartphone
payments displaying modest growth.
Contactless by Smartphone is the preferred method of payment in a physical location among 18-24 year
olds (52%) and 25-34 year olds (36%), and also among Dubliners (30%).
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Online banking has seen an increase year on year; 86% have ever done so (up 5%), with 2 in 3 avail of
online banking at least weekly.
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While weekly online banking is driven by younger customers, there has been significant increases in
frequent usage among older customers (weekly usage among those aged 55-64 has risen by 9% to 55%,
and among those aged 65+ there has been an 8% growth to 36%).
Similarly, the approach to digital banking has evolved – mobile apps are now cited as the main form of
contact with their provider; up 14% to 55% since 2022.
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1.3 Fintech Providers
The use of some fintech apps provided by firms outside the traditional banking sector on mobile devices
for payments and other consumer transactions has nearly doubled in the past year, with 1 in 3 now using
such providers, almost exclusively driven by Revolut.
While Revolut sees growth across all demographic cohorts, it remains most popular among under 35s. It
is also more widely used among the middle classes and those living in Dublin.
Among fintech users, there is strong endorsement for the proposition that the services provided are a good
substitute for traditional banks; 82% agree.
The main appeal of fintech providers versus the more traditional retail banks is that they offer instant money
transfers (75% agree), free banking (55%), and a user-friendly app (37%).
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Overall, there has been a marked shift in how the Irish public interact with various ways of interacting with
their financial provider, with mobile apps being the main form of contact among 55% of all respondents,
and fintech usage up significantly compared to 2022.
However, the branch remains the main form of contact among those aged 55 years or older, this is
particularly the case amongst those aged 65 years or older, with more than half (52%) of this age cohort
having the branch as their main form of contact with their main financial provider. The older age cohorts
are also significantly less likely to use online banking every week and are less satisfied with remote
services. They are also significantly less likely to use fintech providers.
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2. Introduction
On 23
rd
November 2021, the Minister for Finance published the Terms of Reference
2
for a broad-ranging
review of the retail banking sector in Ireland following a number of announcements which will result in
significant changes in the structure of the sector.
This report presents the results from the second wave of the survey of consumers commissioned by the
Department of Finance to provide an understanding of consumers’ experience and perceptions of the
operation of the banking sector in Ireland. The survey was conducted by Behaviour & Attitudes Ltd (B&A),
the independent market research and polling organisation.
All interviews for the survey were conducted face-to-face between 12
th
June and 26
th
July 2023 using B&A’s
Computer Aided Personal Interviewing. In total, a nationally representative sample of 1,501 adults was
obtained.
2.1 The Retail Banking Sector
Banks play a key role in Ireland’s economic activity by safeguarding people’s savings, providing credit to
consumers and businesses, maintaining the flow of cash and ensuring appropriate access to retail banking
services to all in society. Traditionally retail banking services in Ireland have been provided by banks, with
additional choice provided by credit unions and An Post. More recently digital banks and non-banks have
entered retail banking market providing some retail banking services to consumers and SMEs. Their
number, and the number of customers they serve have been growing in recent years.
Irish consumers and SMEs are currently served by three traditional retail banks: AIB, Bank of Ireland and
Permanent TSB. In 2021, NatWest made an announcement that it intends to make a phased withdrawal
of Ulster Bank from the Irish market. Shortly after NatWest’s announcement, KBC made a similar
announcement. These two banks have now largely left the retail banking market in Ireland. In April,
following the transfer of 25 Ulster Bank branches to PTSB, Ulster Bank’s 63 remaining branches were
closed. In August, KBC closed the last of its 12 hub locations.
These closures follow moves made in 2021, when Bank of Ireland closed 88 branches which equated to
around one third of all its branches in Ireland, and AIB closed a further 15 branches in 2021.
In addition, to the consolidation in the retail banking market, Ireland continues to experience historically
low levels of switching, which may act as a barrier to entry for new firms seeking to offer retail banking
services in Ireland. The low rates of switching in mortgages and current/payment accounts persist despite
efforts by the Central Bank of Ireland, the Competition and Consumer Protection Commission (CCPC) and
the Department of Finance to address this issue.
A number of additional themes have emerged in the retail banking sector which will influence how it
operates into the future. These include the following:
Changing demographics
Advances in financial technology (“fintech”)
The expansion of non-banks in the retail banking sector
Digitalisation; and,
Changes to the regulatory framework.
2
The Terms of Reference for the Retail Banking Review is available at:https://www.gov.ie/en/publication/ea57f-banking-review-terms-of-
reference/
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The importance of the retail banking sector in supporting Irish consumers will remain unchanged as
consumers will need a safe place to hold their savings, access credit and cash given the economic context.
2.2 Study Scope
The purpose of the survey is to provide data on the general public’s experiences and perceptions of the
banking sector in Ireland:
Banks and financial providers used, including fintech
Overall satisfaction with main provider, including complaints
Financial products/services held
Drivers of fintech growth
Channel usage – branch, digital & phone
Channel satisfaction & preference – branch, digital & phone
Confidence in automated branch services and ability to use online services
Switching consideration and behaviour, by banking products, and including usage of comparison
tools
Perception of competition/choice in the market
Cash vs. card usage and preference in retail
The results are reviewed by sub-groups such as:
Gender
Age
Social Economic Class
Region
Urbanisation
A number of other variables were used to report on the financial context:
Household income
Frequency of using online banking
Main current account held with
The following banking products were included in the study:
Current accounts
Savings/deposit accounts
Credit cards
Mortgage accounts
Car loans/financing
Overdraft
High-cost credit products
Other personal loans
Time Period of Study
In reviewing results, it should be noted that the study took place over the period 12
th
June to 26
th
July 2023.
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3. Methodology
This survey represents a Behaviour & Attitudes study of consumer experience and perceptions of the
banking sector in Ireland. Fieldwork and analysis for the survey was carried out by Behaviour & Attitudes
(B&A), an independent market research company. This report covers the second wave of this study
conducted in 2023, with comparisons shown between initial survey in 2022 and 2023, when relevant.
3.1 Sample Selection
The study sample was selected at random through face-to-face interviewing and following a multi-stage
sampling approach:
Sampling Stage I: Geographical stratification of sample proportionate to the profile of adults 18+
The sample was first stratified by a total of 17 broad regions within the four standard areas of Dublin, Rest
of Leinster, Munster and Connaught/Ulster. This ensures a representative territorial spread of Primary
Sampling Units across the country.
Within each cell of this matrix, the appropriate number of primary sampling units i.e. Electoral Divisions
(EDs) was chosen using probability sampling procedures (proportionate to size of population).
A total of 188 sampling points were chosen, yielding 1.501 completed interviews.
Sampling Stage II: Selection of randomly generated addresses
In order to remove as much of the sampling process from the hands of the interviewer as possible a
randomly selected starting address is drawn from the Geo Directory within each sampling point (the official
Register of Irish household addresses). Each interviewer began his/her assignment of interviews starting
at this address.
Within each sampling point, the interviewer was assigned a number of interviews to complete, in
accordance with demographic controls for that region drawn from the Census/AIMRO data.
Rather than allowing the interviewers to decide which specific households are called to in pursuit of these
quotas, he/she was issued with a single randomly generated private residence address, along with its GPS
co-ordinates, so as to ensure unambiguous identification of that household (particularly important in rural
areas where house numbering is less common).
From each chosen address, interviewers were instructed to follow a simplified random route procedure
(e.g. first left, next right etc.) calling at every nth house to complete an interview, until the quotas had been
filled. The nth house was defined differently for urban vs. rural areas where population density is less. Only
one interview was harnessed per household.
Sampling Stage III: Quota controls & Filling of Quotas
Quota controls were applied on age, gender and social class to further ensure representativeness. Socio-
economic class and occupation of respondents was coded according to the latest AIMRO agreed
stratifications.
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3.2 Sample Accuracy
The sample error for a survey of this nature is very good. The total sample of 1,501 respondents has a
possible sample error of just +/-2.5% (at a 95% confidence level), while also providing robust measurement
when analysing by sub-groups, e.g. demographics.
3.3 Collection of Data
Face to face interviews were conducted with 1,501 respondents aged 18 years or older. The interviews
were conducted using CAPI (Computer Aided Personal Interviewing).
All interviews were conducted between 12
th
June to 26
th
July 2023. The typical face to face interview lasted
15 minutes.
Data from completed questionnaires was reviewed and analysed, and the results are presented in this
report. Comparison with the initial wave of this survey from 2022 is also shown, when relevant.
The full study questionnaire is attached as an appendix to the report, and detailed results are presented in
Sections 4-10.
3.4 Sample Size
Some 1,501 adults aged 18+ years participated in the face-to-face interviews. All interviewing was
conducted by fully trained and experienced members of the Behaviour & Attitudes field-force, who work
under direct supervision and are subject to rigorous quality controls.
All aspects of our CAPI survey operate to the guideline standards established by the company’s membership
of the MRS and ESOMAR (the international industry representative body).
All data was anonymised in line with Data Protection regulations and B&A ISO 27001 Information Security
Management system.
3.5 Questionnaire
To ensure comparability between the 2022 and 2023 survey, a similar questionnaire to 2022 was utilised
for the 2023 survey, with key questions being unchanged.
However, additional questions were included to cover:
High-cost credit products
Complaints made to bank and/or the Financial Services and Pensions Ombudsman
Awareness/knowledge of agencies/bodies supporting consumers in the Irish retail banking market
Usage of comparison tools for switching
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3.6 Limitations
The results set out in this document should be considered in the context of the following limitations:
1. The study provides the consolidated opinions of members of the general public in relation to their
banking behaviour and attitudes to and perceptions of banking in general, but it is not a census of
the entire population of Ireland.
2. Whilst every effort has been made to ensure that the study sample is as fully representative of the
population as a whole as possible, it is possible that certain sub-groups are under-represented, e.g.
people who are reluctant to take part in market research or people with limited ability to take part in
a survey.
3. The study is based on recall of behaviour and attitudes towards banks/the banking sector. As such,
customer expectations also play a role in the evaluation of the banking sector, not just the
performance of the banks and the sector as a whole.
4. Please note that the figures in the report are based on rounded percentages, rather than to multiple
decimal places, for ease of review. This is a standard occurrence in market research statistics and
does not negate the accuracy of findings.
3.7 Privacy of the Respondent
Throughout the study process all interviews conducted with the general public were carried out on a
confidential basis and the respondents’ rights under the Data Protection Act(s) were fully observed,
including the rights of respondents to choose not to answer or to end the interview at any stage.
The Department of Finance had no specific interest in the individual financial affairs of any of member of
the general public who participated in this study. Rather, the key objective was to better inform Government
of the experience and perceptions of the general public in relation to the banking sector of Ireland.
We would like to express our sincere thanks to all those who have participated in this study.
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4. Profile of Respondents
Quotas on gender, age, region and social class were implemented to ensure a nationally representative
sample of the population 18+ years. Corrective weighting was also applied at the analysis stage.
Throughout report, we show data broken down by relevant demographic groups. For the social class
definition, please see appendix 2.
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5. Banks & Financial Providers
5.1 Banks & Financial Providers Used
The pillar banks dominate in terms of main current account held by those surveyed, with 41% having their
main current account with AIB (up from 36%, with Ulster Bank and KBC having left the Irish market), 33%
with Bank of Ireland and 13% with Permanent TSB.
4% have their main current account with Revolut, while 33% use Revolut at least occasionally. Revolut
has grown in importance since the 2022 survey where 1% had their main current account with Revolut,
and 18% used Revolut at least occasionally.
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41% of Irish adults rely on just one financial provider (down from 44% in 2022), with 57% having more than
one financial provider.
The average number of financial providers used by consumers in 2023 is 1.78, up from 1.72 in 2022. This
is despite of Ulster Bank and KBC leaving the Irish market.
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5.2 Overall Satisfaction with Banks
More than 1 in 3 (34%) are very satisfied with their main provider overall, with an additional half (48%)
being relatively satisfied. 6% are dissatisfied overall, with 11% being neither satisfied nor dissatisfied.
Compared to 2022, the proportion of very satisfied customers has increased from 31% to 34%.
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Satisfaction is similar across demographics but peaks amongst the 18-24 year olds, lower social classes,
women and those living in Connaught/Ulster.
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5.3 Complaints over Financial Service Providers
3% have made a formal complaint to a financial service provider in the past 12 months. The primary reason
for complaining is customer service issues (42%), followed by issues with current/savings accounts (27%).
8% of reported complaints are related to mortgage products.
Among those who made a formal complaint, 44% submitted their complaint by phone, with 32% submitting
their complaint through a branch. 19% submitted the complaint by letter, 11% through a mobile app, and
11% online, but not through an app.
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54% of those who made a formal complaint were satisfied with how the financial service provider resolved
the issue, with 31% being dissatisfied. 15% were still waiting to hear back on the complaint at the time of
the fieldwork.
Amongst those dissatisfied with the response from the financial service providers, just 4% brought the
complaint to the Financial Services and Pensions Ombudsman (note: small base size).
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The main reasons given for not complaining to the Financial Services and Pensions Ombudsman were lack
of awareness/knowledge of the Ombudsman (26%), lack of time (24%), and difficulties in making a
complaint (18%).
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5.4 Awareness of Relevant State Agencies/Bodies
Almost 2 in 3 (65%) are aware and know the function of the Money Advice & Budgeting Service (MABS),
with 5% just being aware without knowing its function, and 30% not aware of this service. 54% are aware
and know the function of the Competition and Consumer Protection Commission (CCPC)
3
, with a further 7%
simply aware without knowing its function. A majority of the public are aware of both entities.
48% are aware and know the function of the Financial Services and Pensions Ombudsman (FSPO), while
the corresponding number for the Insolvency Service of Ireland (ISI) is 37%.
3
It should be noted that due to a typo in the questionnaire, consumers were asked if they were aware of the Consumer Complaints and
Consumer Protection (CCPC)
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Knowledge levels of the functions of the various agencies are highest among those aged 45-64 years while
lowest among those aged 18-34 years. Higher knowledge is also seen among the middle classes.
Awareness & know what they do
Total
Gender
Age
Social Class
Male
Female
18-24
25-34
35-44
45-54
55-64
65+
ABC1F
C2DE
Base
1501
720
777
112
234
293
286
259
317
844
657
%
%
%
%
%
%
%
%
%
%
%
Money Advice & Budgeting
Service (MABS)
63
61
65
40
47
64
77
75
66
66
60
Competition and Consumer
Protection Commission (CCPC)
51
51
51
39
39
52
61
60
53
59
43
Financial Services and Pension
Ombudsman (FSPO)
45
47
44
26
32
43
53
60
50
51
38
Insolvency Service of Ireland (ISI)
34
38
31
12
26
34
46
45
37
41
28
Lowest knowledge of the agencies is seen amongst those living in Dublin.
Awareness & know what they
do
Total
Region
Urban Rural
Dublin
Leinster
Munster
Conn/
Ulster
Urban
Rural
Base
1501
440
405
366
290
977
476
%
%
%
%
%
%
%
Money Advice & Budgeting
Service (MABS)
63
53
65
72
64
59
71
Competition and Consumer
Protection Commission
(CCPC)
51
43
55
57
50
48
58
Financial Services and
Pension Ombudsman
(FSPO)
45
42
46
47
45
44
46
Insolvency Service of Ireland
(ISI)
34
29
36
39
35
32
39
Key
Significantly higher than the total
Significantly lower than the total
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6. Financial Products/Services
6.1 Financial Products/Services Held
Close to, but not all, of the population hold current accounts, almost 7 in 10 (69%) hold savings accounts
and a third hold credit cards. More than 1 in 5 (21%) have a mortgage while 8% have an overdraft and 6%
other personal loans. 12% have a car loan/financing, however, the actual incidence is probably higher,
with not all respondents including car hire purchase in their answer of this question. The incidence of
high-cost credit products came in below 0.5%.
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Middle classes are more likely to hold the various financial products/services, while the 35-54 year olds
over-index for mortgage. Higher incidence of having car loans/financing is seen for the 25-34 year olds.
Total
Gender
Age
Social Class
Male
Female
18-24
25-34
35-44
45-54
55-64
65+
ABC1F
C2DE
Base:
1501
720
777
112
234
293
286
259
317
844
657
%
%
%
%
%
%
%
%
%
%
%
Current Account
99
98
99
99
99
98
98
99
99
99
98
Savings account
69
70
67
65
72
69
70
68
68
75
62
Credit card
33
34
32
23
27
36
35
35
36
40
24
Mortgage account
21
21
22
2
23
36
38
20
1
29
13
Car loan/car financing
12
12
11
7
20
15
15
10
3
16
8
Overdraft
8
9
7
3
7
10
12
7
8
12
4
High-cost credit products
0
0
0
-
0
-
1
0
1
0
0
Other personal loan
6
6
6
8
7
7
6
4
5
6
6
Other
5
5
5
8
2
5
6
3
6
5
5
None
18
16
20
22
17
18
15
20
18
11
26
Key
Significantly higher than the total
Significantly lower than the total
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6.2 Provider for Financial Products
Those with current accounts are likely to stick with their main financial provider for saving accounts, credit
cards and overdrafts.
Other providers play a bigger role in terms of mortgages, but especially car loans/financing and personal
loans.
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7. Fintech Providers
7.1 Fintech Usage
By fintech usage, we mean usage of digital-only providers, such as Revolut. 4% hold their main current
account with Revolut – up from just 1% in 2022. 1 in 3 (33%) use Revolut for banking/payments at least
occasionally – up from 18% in 2022.
Although Revolut sees growth across all demographic cohorts, it remains more used among those aged 18-
34 years. For the age group 65+ years, 8% use Revolut –up from 4% in 2022. Revolut is also more used in
the middle classes and among those living in Dublin.
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7.2 Fintech Appeal
The main perceived benefits of fintech providers versus the more traditional retail banks is that they offer
instant money transfers, free banking, a great/user friendly app, and allow customers to split bills.
Free banking and foreign exchange have increased as perceived benefits since 2022.
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7.3 Importance of Fintech Features
The top features provided by fintech providers in terms of perceived importance are instant money transfer,
free banking and a great/user-friendly mobile app. This is followed by splitting bills, spend information,
foreign exchange and saving vault, while investment opportunities are the least important.
Compared to 2022, foreign exchange, saving vault and investment opportunities have become more
important, while great/user-friendly app and splitting bills have become less important.
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7.4 Fintech as a Substitute for Traditional Banks
Respondents using fintech providers were asked how much they agree with the following statement: “The
services offered by fintech providers is a very good substitute for the services offered by the more
traditional banks”.
3 in 5 (58%) fintech customers strongly believe that the services offered by fintech providers are a very
good substitute for the services offered by more traditional banks – unchanged from 2022.
Among those using fintech, agreement is generally consistent across the demographic spectrum.
31 | P a g e
8. Channel Availability & Usage
8.1 Bank Branch
Nearly 3 in 5 (59%) report living within five kilometres of a branch of their main bank. 1 in 5 (19%) stated
that they live at least 10 kilometres from their main branch.
As is to be expected, those living in Dublin are most likely to be living in closer proximity to a branch of their
main bank, with 3 in 4 (76%) located within a five-kilometre radius. This is also reflected in the Urban/Rural
divide – 75% of Urbanites are within a shorter range.
In contrast, over 2 in 5 Rural dwellers (41%) have to travel at least 10 kilometres. Those living in
Connaught/Ulster have the furthest distances to travel.
32 | P a g e
The primary motivator for visiting a branch is to lodge or withdraw cash. Nearly 2 in 3 (63%) of those with
a current account with a traditional retail bank cite this as a reason. This is followed by 32% who visit
branches to speak to an advisor about specific products, e.g. mortgage, loans, overdraft, etc.
Other reasons for visiting a bank branch are for financial advice, foreign exchange and to pay bills.
33 | P a g e
Those located outside Dublin are significantly more likely to visit a branch in general, and specifically for
lodging or withdrawing cash. We also see a higher incidence of visiting branches for various reasons in
Munster.
In-branch dealings to lodge /withdraw cash, pay bills, conduct savings transactions and to transfer money
are driven by those aged over 65.
Rural customers are also more likely to avail of in-branch facilities to lodge/withdraw cash, whereas
ABC1s have a higher propensity to attend to discuss specific products.
Filter: Q2 Have traditional
account
Total
Age
Social Class
Urban/Rural
18-24
25-34
35-44
45-54
55-64
65+
ABC1F
C2DE
Urban
Rural
Base
1415
94
209
279
278
249
306
799
616
937
478
%
%
%
%
%
%
%
%
%
%
%
Lodge/withdraw cash
63
52
58
64
63
63
69
60
66
59
71
Speak to someone
regarding a specific
product, e.g. mortgage/
loan/overdraft, etc.
32
38
39
34
36
28
23
38
26
31
34
Financial advice
15
11
18
17
18
10
14
17
14
13
18
Foreign exchange
14
16
14
12
14
15
17
15
14
14
14
Pay bills
13
7
9
7
15
15
21
10
15
11
16
Savings
11
11
10
4
14
10
19
10
13
10
13
Transfer money
10
6
9
8
11
7
16
10
10
9
12
Other
4
2
2
3
4
5
5
3
4
4
3
Never visit a branch
11
19
14
12
10
10
4
11
11
14
5
Key
Significantly higher than the total
Significantly lower than the total
34 | P a g e
11% of those with a current account with a traditional retail bank claim to never visit a branch. Of those
visiting, there are distinct age, gender and regional differences.
35 | P a g e
8.2 Online Banking
86% of those with a current account have used online banking – up from 81% in 2022. Almost 2 in 3 (65%)
use online banking at least weekly, with 4 in 5 using online banking at least monthly.
36 | P a g e
Online banking usage is most prevalent among younger cohorts (those from 18-24 up to those aged 45-54
{90% plus in all instances}), but then tapers off among those aged 55-64 (80%), and particularly among
those aged 65+ (60%).
There are also significant differences in terms of social class – ABC1s (90%) are more likely to have availed
of online banking compared to 80% of C2DEs.
Similarly, there are regional factors evident; Dubliners (91%) are most likely to use these services, while
there is also a noticeable delta between Urbanites and Rural dwellers. 88% of those living in urban areas
have used online banking at some stage, versus 80% of the latter.
37 | P a g e
Two in three (65%) use online banking at least weekly; again, driven by younger cohorts.
While weekly usage of online banking is considerably lower among the older age groups, there has been
noticeable increases in such activity since last year. Over half (55%) of those aged 55-64 years now use
online banking weekly and over 1 in 3 (36%) of those aged 65 years or older also do so; an increase on 9%
and 8% respectively.
Weekly usage continues to be higher among the middle classes and Dubliners.
38 | P a g e
Among the three larger retail banks, AIB customers are most likely to participate in frequent (weekly plus)
online banking. All three, however, have a sizeable proportion of their customer bases availing of such
services.
39 | P a g e
8.3 Main Form of Contact
Digital channels continue to dominate in terms of being the main form of contact with customers’ main
bank although over 1 in 5 (21%) still opt for in-person branch visits. This is significantly higher among those
aged over 65 (55%).
The way that customers use digital channels has changed over the past year – contact through mobile
apps have increased significantly, with a corresponding decrease in other online touchpoints.
Over half (55%) now use mobile apps as their main conduit, driven by younger cohorts (especially those
under the age of 35).
Telephone banking remains relatively steady but is used by a small minority of customers.
40 | P a g e
9. Channel Preference & Satisfaction
9.1 Preferred Form of Contact
Preferred form of contact with provider varies by type of interaction. In-person/branch visits are the
preferred option for cash lodgement/withdrawals and financial advice. Mobile apps are more popular with
more day-to-day transactions such as transferring money, paying bills, savings, direct debits and standing
orders.
41 | P a g e
9.2 Level of Confidence in Automated Branch Services
Confidence is particularly high in automated branch services for cash lodgments/withdrawals, with more
than half (52%) expressing themselves to be very confident. This is up from 48% in 2022.
In general, confidence is high for paying bills, transferring money and to a lesser extent, savings
transactions.
Opinions are more muted for foreign exchange and especially for receiving financial advice, with financial
advice having slipped noticeably this year.
42 | P a g e
Those aged below 45 years and middle classes are more confident in nearly all aspects of automated
branch services. Conversely, confidence is lower among those aged 55 years or higher (particularly those
aged 65 years or older). Similarly, those lower down the socio-economic ladder tend to be more
circumspect.
Top 2 Box Confidence
Rating
Total
Gender
Age
Social Class
Male
Female
18-24
25-34
35-44
45-54
55-64
65+
ABC1F
C2DE
Base
1501
720
777
112
234
293
286
259
317
844
657
%
%
%
%
%
%
%
%
%
%
%
Lodge/withdraw cash
70
70
69
83
79
77
70
61
53
76
63
Transfer money
63
64
62
80
78
69
65
53
40
70
55
Pay bills
63
63
62
71
76
72
68
54
38
70
55
Financial advice
37
37
38
48
51
42
37
29
22
40
35
Savings
56
57
56
71
68
62
61
43
37
62
50
Foreign exchange
46
47
45
60
60
54
48
35
23
52
38
None
22
23
22
12
14
13
19
30
41
17
27
Key
Significantly higher than the total
Significantly lower than the total
43 | P a g e
Dubliners tend to have greater confidence in automated branch services compared to other regions, and
in general Rural dwellers are more guarded.
Top 2 Box Confidence Rating
Total
Region
Urban Rural
Dublin
Leinster
Munster
Connaught/
Ulster
Urban
Rural
Base
1501
440
405
366
290
977
476
%
%
%
%
%
%
%
Lodge/withdraw cash
70
77
65
64
75
71
66
Transfer money
63
69
59
60
63
66
57
Pay bills
63
68
60
59
63
65
58
Financial advice
37
35
39
37
38
40
32
Savings
56
59
55
52
60
59
51
Foreign exchange
46
52
44
38
47
49
41
None
22
17
26
23
24
20
27
Mirroring social class, those on higher incomes tend to have more assurance in automated branch services,
and unsurprisingly, those who use online banking most frequently are also more confident.
Total
Household Income
Frequency of Using online banking
€25,000
or less
€25,001
€50,000
€50,001 -
€100,000
€100,001
€150,000
Over
€150,001
Ever
At
least
once a
week
Once
every
2 to 3
weeks
Once a
month
Once
every
2-3
mths
<Once
every
3 mths
Never
Base
1501
252
380
220
63
26
1275
955
168
69
35
48
207
%
%
%
%
%
%
%
%
%
%
%
%
%
Lodge/withdraw cash
70
61
65
81
71
76
75
77
71
64
73
74
40
Transfer money
63
50
58
73
67
74
70
73
64
53
65
64
24
Pay bills
63
50
58
72
70
81
70
73
60
59
66
63
23
Financial advice
37
33
37
43
32
46
42
44
34
34
41
37
16
Savings
56
44
53
65
66
56
62
65
54
50
56
59
25
Foreign exchange
46
34
44
54
66
70
51
55
39
31
37
50
15
None
22
31
26
13
17
8
16
15
21
26
15
17
55
Key
Significantly higher than the total
Significantly lower than the total
44 | P a g e
9.3 Level of Confidence in Ability to Use Online Banking Services
Confidence in the ability to use online banking services remains high for paying bills, transferring money
and savings (with the proportion expressing themselves to be very confident increasing in each case since
last year). In terms of when a personal interaction is required, such as enquiring about a specific product
or for financial advice, the public tend to be less self-assured.
45 | P a g e
As with other digital transactions, older cohorts (those aged over 55 and especially the eldest cohort
{65+}) are significantly less poised in terms of using online banking services. Likewise, working class
respondents also under-index.
Rating 4-5
Total
Gender
Age
Social Class
Male
Female
18-24
25-34
35-44
45-54
55-64
65+
ABC1F
C2DE
Base
1501
720
777
112
234
293
286
259
317
844
657
%
%
%
%
%
%
%
%
%
%
%
Pay bills
69
69
69
78
81
77
74
62
46
78
59
Transfer money
67
67
68
81
79
75
71
62
42
77
57
Savings
60
60
61
77
75
69
62
51
35
68
51
Speak to someone
regarding a specific
product
45
45
46
58
53
52
47
34
30
51
38
Financial advice
43
43
43
59
56
48
46
32
24
49
37
None
23
23
22
13
11
16
19
29
45
14
32
Dubliners tend to be most confident with online transactions, which is reflected in urbanites in general
tending to be more comfortable with these services.
Rating 4-5
Total
Region
Urban Rural
Dublin
Leinster
Munster
Conn/
Ulster
Urban
Rural
Base
1501
440
405
366
290
977
476
%
%
%
%
%
%
%
Pay bills
69
78
65
62
71
72
64
Transfer money
67
74
63
64
68
69
64
Savings
60
64
57
56
65
62
58
Speak to someone regarding a
specific product
45
49
47
40
42
47
41
Financial advice
43
47
42
42
40
46
38
None
23
15
28
26
23
20
28
Key
Significantly higher than the total
Significantly lower than the total
46 | P a g e
Again, reflecting socio economic differences, lower income respondents and those who have never used
online banking services are also less at ease with online banking services.
Rating 4 - 5
Total
Household Income
€25,000
or less
€25,001 -
€50,000
€50,001 -
€100,000
€100,001 -
€150,000
Over €150,001
Base (WTD)
1501
252
380
220
63
26
UNWTD
%
%
%
%
%
%
Pay bills
69
48
70
83
79
88
Transfer money
67
48
67
81
77
83
Savings
60
43
62
68
72
49
Speak to someone
regarding a specific
product
45
32
47
56
51
44
Financial advice
43
30
44
52
38
43
Rating 4 - 5
Total
Frequency of Using online banking
Ever
At least
once a
week
Once
every 2 to
3 weeks
Once a
month
Once
every 2-3
months
< once
every 3
months
Never
Base
1501
1275
955
168
69
35
48
207
%
%
%
%
%
%
%
%
Pay bills
69
78
81
71
64
73
60
21
Transfer money
67
76
79
65
69
68
68
18
Savings
60
67
70
60
55
58
66
22
Speak to someone regarding a
specific product
45
50
53
45
34
23
40
18
Financial advice
43
48
51
42
36
31
42
16
Key
Significantly higher than the total
Significantly lower than the total
47 | P a g e
9.4 Satisfaction with Branch Service and Remote Services
Almost 3 in 4 (72%) are satisfied with the branch services from their main financial provider – a slight
decline from 75% in 2022. 2 in 5 are very satisfied, while 7% are dissatisfied – up from 4% in 2022.
48 | P a g e
Those over the age of 45 are more likely to express dissatisfaction with branch services from their main
financial provider (particularly those aged 55-64), along with those living in Leinster (excluding Dublin).
49 | P a g e
Over 2 in 5 (41%) are very satisfied with remote services from their main financial provider, with a further
1 in 3 (32%) being somewhat satisfied.
6% are dissatisfied with remote services, which is more or less on par with 2022 results, and also similar
to the in-branch rating of dissatisfaction (7%).
50 | P a g e
There is a correlation between the age of respondents and their levels of satisfaction with remote
services. Younger customers tend to be most vocal in expressing satisfaction (82% among 18-24 year
olds, and 80% among 25-34 year olds) while older respondents (those aged 65+) are less surefooted;
they are more likely not to have an opinion (reflecting to a certain extent their lack of experiencing such
touchpoints). Just 65% of them express satisfaction, but tellingly 14% do not know.
51 | P a g e
Among the minority who are dissatisfied with branch service from their main financial provider, the main
reasons provided are poor customer service (35%) and lack of staff (31%). There is a sizeable minority
who voice concerns about automation/forcing you online. The length of queues is also cited by 1 in 6
(16%). Local branch closures are mentioned by a small minority.
For remote services, poor customer service/can’t get an answer is the primary reason for dissatisfaction,
whilst technical issues and phone waiting times are also prominent.
52 | P a g e
There is still a sizeable minority who cite dissatisfaction with the ease of contacting staff when calling by
phone. Over 1 in 5 (21%) are unhappy (although this has dropped ten percentage points since last year).
Ease of contacting staff in-branch remains relatively steady – just over 1 in 10 (11%) are disgruntled, but
2 in 3 (66%) express at least relative ease in doing so.
53 | P a g e
10. Switching Behaviour & Experience
10.1 Switching Consideration/Incidence
Switching consideration for banking products is limited, with just over 1 in 10 ever having considered
switching provider for current account (down from 14% in 2022), and 9% ever having considered
switching a savings account or credit card. Given that Ulster Bank and KBC have now largely exited the
market, many may already have switched over the past year, and are thus reluctant to do so again.
Just 6% have ever considered switching provider for a personal loan, down slightly from last year, while
mortgages are the one product where customers are potentially more mobile – 15% of them have
considered a move, albeit down two percentage points since 2022.
54 | P a g e
Reflecting the changing dynamics of the Irish financial landscape (Ulster Bank and KBC exiting the market,
and increasing mortgage interest rates), the incidence of having already switched provider has increased
for both mortgages and current accounts – approximately 1 in 10 claim to have done so over the past 5
years: a notable increase since 2022.
Other products (savings, credit card and personal loans) remain steady, with the levels of switching
continuing to be relatively low.
55 | P a g e
10.2 The Switching Process
Among those who have switched current account provider in the past five years, nearly 2 in 5 (37%) found
it very easy to switch. But 1 in 5 found it difficult to switch current account provider.
44% of those who have switched saving account found it very easy to switch, with 11% expressing
reservations.
56 | P a g e
Among those who have switched current account provider in the past five years, over 1 in 4 (27%) were
very satisfied with the process, with 7 in 10 satisfied overall. However, 1 in 5 were unhappy with the
process.
36% were very satisfied with the process of switching saving account, rising to a net satisfaction score of
73%.
57 | P a g e
10.3 Main Reasons for Switching/Not Switching
Among those that have switched in the past 5 years, the key driver in 2023 was structural – the exit of
two banks from the market.
Aside from this development over the past year, the other main drivers of switching were dissatisfaction
with the previous provider and better rates.
58 | P a g e
Among those who have not switched in the past 5 years, a common theme emerges. The perception of
the general difficulty in switching is a constant thread across all products (be it difficult in general, lack of
time, difficulty in researching the switching process).
Inertia is also a prominent reason for not switching. The cost of switching is not seen to be a particularly
obvious barrier.
59 | P a g e
10.4 Usage of Comparison Tools
Among those who have ever switched, or are considering doing so, nearly 3 in 10 (28%) availed of
comparison websites. Of those, Bonker.ie and Switcher.ie are by far the most popular sites to visit. Less
than 1 in 5 (18%) went directly to the banks’ own website.
60 | P a g e
Among those who used such websites, 35-44 year olds were significantly more likely to have done so, along
with high income earners.
Have switched/Considered switching x Demographics
% Yes
TOTAL
28
Gender
Male
26
Female
30
Age
18-24
11
25-34
18
35-44
43
45-54
32
55-64
27
65+
17
Social Class
ABC1F
33
C2DE
19
Region
Dublin
33
Leinster
37
Munster
19
Connaught/Ulster
14
Urban Rural
Urban
26
Rural
29
Have switched/Considered x Financial Context
% Yes
Household Income
€25,000 or less
7
€25,001 - €50,000
23
€50,001 - €100,000
34
€100,001 - €150,000
46
Over €150,001
34
Main current account provider
AIB
30
Bank of Ireland
26
Permanent TSB
26
Credit union
16
Revolut
25
Any Digital Bank
25
Other
80
Banking Products Held
Savings account
30
Mortgage account
43
Credit card
37
Overdraft
42
Net Loans
36
Car loan/car financing
33
Other personal loan
42
Other
16
Key
Significantly higher than the total
Significantly lower than the total
61 | P a g e
10.5 Level of Choice in Market
There is a belief amongst respondents in the survey that the levels of choice in the market is highest for
savings accounts and lowest for mortgages (just 1 in 4 believe there is choice for the latter).
However, there is a perception that there is a decreasing lack of competitiveness across most products,
with current accounts and mortgage options in particular seen to be lacking in choice for a sizeable
minority of respondents.
62 | P a g e
Those aged 25-34 are more likely to feel there is a lot of choice in the market. Older respondents
(particularly those aged 55-64) are most likely to feel there is a lack of options available.
Those rating 4-5 – a
lot of Choice
Total
Gender
Age
Social Class
Male
Female
18-24
25-34
35-44
45-54
55-64
65+
ABC1F
C2DE
Base
1501
720
777
112
234
293
286
259
317
844
657
%
%
%
%
%
%
%
%
%
%
%
Current account
34
34
34
43
40
34
33
27
30
35
34
Mortgage account
25
24
26
25
28
27
26
22
21
25
25
Savings account
39
40
39
54
47
37
40
28
34
42
36
Credit card
36
38
33
43
45
34
35
31
31
38
33
Other personal loans
34
35
33
34
41
35
35
31
29
36
32
None
47
47
48
38
40
49
44
58
52
45
50
Dubliners are more likely to cite the lack of choice in terms of product offerings available, and to a lesser
extent, those living in Leinster. Those living along the western seaboard are more complimentary.
Those rating 4-5 – a lot of Choice
Total
Region
Urban Rural
Dublin
Leinster
Munster
Conn/
Ulster
Urban
Rural
Base
1501
440
405
366
290
977
476
%
%
%
%
%
%
%
Current account
34
30
29
43
34
36
32
Mortgage account
25
19
22
30
33
26
25
Savings account
39
34
33
44
50
39
42
Credit card
36
28
31
45
42
35
38
Other personal loans
34
26
30
40
44
33
37
None
47
55
52
39
42
48
44
Key
Significantly higher than the total
Significantly lower than the total
63 | P a g e
Among holders of specific financial products, mortgage holders are more likely to say there is less choice
(37%) than to say that there is choice (27%). Products that are perceived to be more competitive are
credit cards and other personal loans.
Current accounts have also diminished in perceived competitivenss over the past 12 months.
64 | P a g e
11. Cash vs Card Payment
11.1 Preferred Payment Method In-Store
Debit Cards are the preferred payment method for adults when in a physical location, especially among
18-44 year olds. However, debit cards have slipped back this year, with Smartphone payments having
modest growth.
Contactless by Smartphone is more prevalent among 18-24 year olds (52%) and 25-34 year olds (36%),
and also among Dubliners (30%).
Nearly 1 in 4 prefer to pay by cash, up four percentage points since 2022, and driven by those over the
age of 65 (43%).
65 | P a g e
Demographics x Gender, Age & Class
Total
Gender
Age
Social Class
Male
Female
18-24
25-34
35-44
45-54
55-64
65+
ABC1F
C2DE
Base
1501
720
777
112
234
293
286
259
317
844
657
%
%
%
%
%
%
%
%
%
%
%
Debit card (Pin
/Contactless)
50
47
54
30
46
57
55
56
50
55
46
Cash
24
26
22
16
14
15
24
27
43
15
33
Contactless by
smartphone
22
23
22
52
36
26
17
11
3
26
19
Credit card (Pin /
Contactless)
3
3
3
2
4
2
3
6
3
4
2
Demographics x Region & Area
Total
Region
Area
Dublin
Leinster
Munster
Conn/
Ulster
Urban
Rural
Base
1501
440
405
366
290
1001
500
%
%
%
%
%
%
%
Debit card (Pin /Contactless)
50
42
54
50
60
50
52
Cash
24
22
22
29
21
23
26
Contactless by smartphone
22
30
21
19
17
24
20
Credit card (Pin / Contactless)
3
6
3
2
3
4
2
Key
Significantly higher than the total
Significantly lower than the total
66 | P a g e
The average claimed proportion of cash spending in-store relative to total spend is 36% (up 5 percentage
points since 2022), with the most mentioned interval ranging from 10% to 30% of spending.
67 | P a g e
Those aged 65 and older and C2DEs are more likely to spend a higher proportion each week using cash.
Those under the age of 45 are more likely to have lower proportions of their spend in cash, and thereafter
the switch to cash becomes more pronounced.
Total
Gender
Age
Social Class
Male
Female
18-24
25-34
35-44
45-54
55-64
65+
ABC1F
C2DE
Base
1414
681
730
103
210
268
272
249
312
786
628
%
%
%
%
%
%
%
%
%
%
%
Less than 5
14
13
14
17
21
17
12
13
5
16
11
From 5 to 10
14
15
13
13
16
19
13
11
10
16
11
From 10 to 30
29
27
30
32
31
33
30
26
21
33
24
From 30 to 70
20
19
20
24
18
15
24
22
18
19
21
70 or more
24
26
23
15
15
16
21
28
45
16
34
Mean
36.18
37.48
34.81
29.34
26.58
27.92
35.53
40.00
52.97
27.96
44.91
Those living in Munster and Connaught/Ulster and those in rural areas in general are more likely to spend
a higher proportion of their weekly outgoings in cash.
Total
Region
Area
Dublin
Leinster
Munster
Conn/
Ulster
Urban
Rural
Base)
1414
385
387
355
287
907
459
%
%
%
%
%
%
%
Less than 5
14
16
14
13
10
16
9
From 5 to 10
14
16
17
10
12
16
10
From 10 to 30
29
28
29
25
34
28
30
From 30 to 70
20
19
15
23
22
18
23
70 or more
24
21
24
30
22
22
29
Mean
36.18
32.46
34.22
42.19
35.42
33.11
41.57
Key
Significantly higher than the total
Significantly lower than the total
68 | P a g e
11.2 Most Common Method for Cash Withdrawals
ATMs still dominate in terms of cash withdrawals and have increased in popularity this year – they are
now used by 78% of adults (up five percentage points). Cashback from retailers has slipped back slightly.
69 | P a g e
Total
Gender
Age
Social Class
Male
Female
18-24
25-34
35-44
45-54
55-64
65+
ABC1F
C2DE
Base
1501
720
777
112
234
293
286
259
317
844
657
%
%
%
%
%
%
%
%
%
%
%
Any
94
94
94
91
89
92
95
97
98
93
95
ATMs
78
78
79
80
78
82
87
77
66
83
73
Cashback from a retailer
18
17
18
22
20
20
18
15
11
17
19
Withdrawal from counter
at a bank branch
17
18
16
18
10
13
16
19
26
13
21
Withdrawal from counter
at Post Office
9
8
10
10
7
6
6
8
16
7
11
Paid in cash by your
employer/government
transfer
2
2
2
3
3
2
2
1
2
1
3
Other
2
1
2
3
-
1
1
1
4
1
2
I never use cash
6
6
6
9
11
8
5
3
2
7
5
Total
Region
Area
Dublin
Leinster
Munster
Connaught/Ulster
Urban
Rural
Base
1501
440
405
366
290
1001
500
%
%
%
%
%
%
%
Any
94
87
95
97
99
93
96
ATMs
78
76
77
78
84
81
73
Cashback from a retailer
18
9
20
23
20
14
24
Withdrawal from counter at a
bank branch
17
11
15
30
10
16
19
Withdrawal from counter at
Post Office
9
5
10
16
4
6
14
Paid in cash by your
employer/government transfer
2
2
2
2
1
2
2
Other, please specify:
2
2
2
1
1
1
2
I never use cash
6
13
5
3
1
7
4
Key
Significantly higher than the total
Significantly lower than the total
70 | P a g e
Appendix 1 – The Questionnaire
Department of Finance Consumer Sentiment Survey
Questionnaire 08.06.23
Good morning, afternoon, I am …….. from Behaviour & Attitudes, the independent Irish market research
agency. We are conducting a survey on behalf of the Department of Finance about people’s attitudes to
banking and financial services.
The survey itself will take about 15 minutes to complete. It will be conducted in accordance with Market
Research Society guidelines.
All information that we collect will be kept in the strictest confidence and results will be reported at a merged
level only. It will not be possible to identify any particular individual in the results and no information will be
provided to anyone that could identify you personally.
Department of Finance Consumer Sentiment Survey
Questionnaire 08.06.23
Good morning, afternoon, I am …….. from Behaviour & Attitudes, the independent Irish market research
agency. We are conducting a survey on behalf of the Department of Finance about people’s attitudes to
banking and financial services.
The survey itself will take about 15 minutes to complete. It will be conducted in accordance with Market
Research Society guidelines.
All information that we collect will be kept in the strictest confidence and results will be reported at a merged
level only. It will not be possible to identify any particular individual in the results and no information will be
provided to anyone that could identify you personally.
CONSENT
Q.A Are you happy to proceed with the interview?
Yes
1
No
2
Firstly, I would like to ask you a few questions to make sure that we talk to a wide cross section of people.
SCREENING SECTION
S.1 Interviewer record gender
1: Male
2: Female
3: Other
S.2 Interviewer record date of birth - ALL TO BE AGED 18+
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S.3 Are you yourself the chief wage earner in your household or not? That is the person who contributes most
money to the household income?
Yes
1
No
2
OCCUPATION OF CHIEF WAGE EARNER
(If farmer, state acreage. If proprietor/manager/supervisor, state number of employees. If unemployed for over
a year or widow on State Pension, ask about Chief Wage Earner).
S.4 Socio Economic Grade
A
1
B
2
C1
3
C2
4
DE
5
F50+
6
F50-
7
NOW CODE
72 | P a g e
Banking Products & Provider (incl. Fintech)
ASK ALL
1. Do you use any online/mobile apps to conduct your day-to-day banking?
a. Yes
b. No
ASK ALL
2. Who do you hold your main current account with? By main current account, we mean the account you
get your salary/social welfare payments/other payments paid into. If you don’t receive any regular
payments, your main current account is the account that you use the most for your day-to-day
transactions. This could be with a traditional bank, a credit union, the post office or an online bank.
SINGLE CODE, DO NOT READ OUT
a. AIB
b. Bank of Ireland
c. Permanent TSB
d. Ulster Bank
e. KBC
f. Credit union
g. An Post/An Post money
h. Revolut
i. N26
j. Other, please specify:_____________
k. Do not have current account
ASK THOSE WITH CURRENT ACCOUNT IN Q2
3. In addition to your main current account with <INSERT BANK FROM Q.2>, which of the following
banks/providers do you use for banking even if just occasionally.
MULTICODE, READ OUT, EXCLUDE ANSWER OPTION CHOSEN IN Q.2
a. AIB
b. Bank of Ireland
c. Permanent TSB
d. Ulster Bank
e. KBC
f. Credit union
g. An Post/An Post money
h. Revolut
i. N26
j. Other, please specify:_____________
k. None, do not use any other banks/providers
ASK ALL
4. Which of the following financial products do you currently hold?
MULTICODE, READ OUT
a. Savings account
b. Mortgage account
c. Credit card
d. Overdraft
e. Car loan/car financing
f. High-cost credit products, e.g. loans with an interest notably higher than bank lending rates
73 | P a g e
g. Other personal loan
h. Other, please specify:____________
i. None
ASK THOSE WITH CURRENT ACCOUNT IN Q2
5. Do you avail of any of the following services from your main current/payment account provider <INSERT
MAIN BANK FROM Q.2>?
MULTICODE, READ OUT, INCLUDE ANSWERS SELECTED IN Q4
a. Savings account
b. Mortgage account
c. Credit card
d. Overdraft
e. Car loan/car financing
f. High-cost credit products, e.g. loans with an interest notably higher than bank lending rates
g. Other personal loan
h. No, have none of these with <INSERT MAIN BANK FROM Q.2>
ASK THOSE WITH CURRENT ACCOUNT IN Q2
6. Do you avail of any of the following services with any providers who are not your main current/payment
account provider?
MULTICODE, READ OUT, INCLUDE ANSWERS SELECTED IN Q4
a. Savings account
b. Mortgage account
c. Credit card
d. Overdraft
e. Car loan/car financing
f. High-Cost Credit Products
g. Other personal loan
h. No, have none of these with a provider different from my main current/payment account
provider
ASK THOSE WITH CURRENT ACCOUNT WITH REVOLUT/N26/OTHER IN Q2/Q3
7. You mentioned you have an account with <INSERT REVOLUT/N26/Other>. What does <INSERT
REVOLUT/N26/Other> offer that the more traditional retail banks do not offer, if any? Probe fully:
Anything else? What else?
MULTICODE, DO NOT READ OUT
a. Free banking
b. Instant money transfer
c. Investment opportunities
d. Foreign Exchange
e. Splitting bills
f. Saving options, e.g. vault
g. Information on spending
h. Great/user-friendly app for mobile banking
i. Other, please specify:_____________
j. <INSERT Revolut/N26/other> does not offer anything that the more traditional retail banks do
not offer
k. Don’t know/not sure
74 | P a g e
ASK THOSE WITH CURRENT ACCOUNT WITH REVOLUT/N26 IN Q2/Q3
8. How important are the following products/services for you in relation to using <INSERT
REVOLUT/N26>, on a scale from 1-10 where 1 is “not at all important” and 10 is “extremely important”.
a. Free banking
b. Instant money transfer
c. Investment opportunities
d. Foreign Exchange
e. Splitting bills
f. Saving options, e.g. vault
g. Information on spending
h. Great/user-friendly app for mobile banking
Scale: 1-10, include DK
ASK THOSE WITH CURRENT ACCOUNT WITH REVOLUT/N26/OTHER IN Q2/Q3
9. How much do you agree or disagree with the following statement on a scale from 1-5 where 1 is
“strongly disagree” and 5 is “strongly agree”.
The services offered by <INSERT REVOLUT/N26/Other> is a very good substitute for the services offered
by the more traditional banks
Scale: 1-5, include DK
Branch & Remote Customer Service
ASK THOSE WITH CURRENT ACCOUNT WITH TRADITIONAL BANK
(CODE A-G IN Q.2)
10. How close is the nearest branch of your main current/payment account provider <INSERT MAIN BANK
FROM Q.2>?
a. Less than 5km
b. 5-10 km
c. 10-20 km
d. More than 20km
e. Don’t know
ASK THOSE WITH CURRENT ACCOUNT IN Q2
11. What is your main form of contact with your main current/payment account provider <INSERT MAIN
BANK FROM Q.2>?
SINGLE CODE, SHOWCARD
a. Online (but not through mobile app)
b. Through their mobile app
c. Over the phone
d. In writing (letters)
e. In person (branch visits)
f. Email
g. Other, please specify:_____________
75 | P a g e
ASK ALL
12. What is your preferred form of contact with your bank for each of the transactions listed below?
Services
Options to appear for each SHOWCARD
a
Lodge/withdraw cash
1. Online (but not through mobile app)
b
Transfer money
2. Through their mobile app
c
Pay bills
3. Over the phone
d
Financial advice
4. In writing (letters)
e
Savings
5. In person (branch visits)
f
Foreign exchange
6. Email
g
Direct Debit
h
Standing Order
7. Other, please specify:__________
8. Not applicable
ASK THOSE WITH CURRENT ACCOUNT IN Q2
13. How satisfied are you with any remote dealings (by phone, online or through the mobile app) you have
had with <INSERT MAIN BANK FROM Q2>, using a scale of 1 to 5 where 1 is not at all satisfied and 5
being very satisfied?
1 – Very dissatisfied
5 – Very satisfied
Don’t
know
1
2
3
4
5
ASK IF DISSATIFIED (CODES 1-2)
14. You mentioned you were dissatisfied with the service you received from <INSERT MAIN BANK> when
dealing with them remotely, why did you say this? RECORD VERBATIM
ASK ALL
15. Have you made a formal complaint to any financial service provider/bank in the past 12 months?
a. Yes
b. No
ASK ALL WHO MADE COMPLAINTS (CODE A)
16. What was the primary reason for your complaint?
SINGLE CODE, SHOWCARD
a. Issue with customer service
b. Issue with current/savings account
c. Issue with a mortgage product
d. Issue with an insurance product
e. Issue with an investment product
f. Issue with a loan product
g. Issue with a pension product
h. Other, please specify: _____________
76 | P a g e
ASK ALL WHO MADE COMPLAINTS (CODE A)
17. Through what channel did you submit your complaint?
MULTICODE, SHOWCARD
a. Online (but not through mobile app)
b. Through their mobile app
c. Over the phone
d. In writing (letters)
e. In person (branch visits)
f. Email
g. Other, please specify:_____________
ASK ALL WHO MADE COMPLAINTS (CODE A)
18. Did your financial service provider/bank resolve your complaint in a manner that was satisfactory to
you?
DO NOT READ OUT
a.Yes
b. No
c. Still waiting to hear back from them.
ASK ALL WHO WERE DISSATISFIED (CODE B)
19. Did you make a complaint to the Financial Services and Pensions Ombudsman?
a. Yes
b. No
ASK ALL WHO CONTACTED THE OMBUDSMAN (CODE A)
20. Did the Financial Services and Pensions Ombudsman resolve your complaint in a manner that was
satisfactory to you?
a. Yes
b. No
c. Still waiting to hear back from them.
ASK ALL WHO DID NOT CONTACT THE OMBUDSMAN (CODE B)
21. Why did you not make a complaint to the Financial Services and Pensions Ombudsman?
MULTICODE, DO NOT READ OUT
a. Didn’t have time to pursue a complaint
b. Difficult to make a complaint
c. Difficulty in gathering the required information to make a complaint
d. Didn’t know where to pursue a complaint/hadn’t heard of the Ombudsman
e. Planning to make a complaint but have not done so yet
f. No longer interested in pursuing this complaint
g. Other, please specify:__________________
77 | P a g e
ASK ALL
25. Are you aware of the following agencies/bodies do?
READ OUT, RANDOMISE
a) Competition and Consumer Protection Commission (CCPC)
b) Money Advice & Budgeting Service (MABS)
c) Insolvency Service of Ireland (ISI)
d) Financial Services and Pension Ombudsman (FSPO)
Scale: Yes, No
ASK ALL
26. Do you know what the following agencies/bodies do?
READ OUT, RANDOMISE, ONLY SHOW CODES ANSWERED IN Q25
a) Consumer Complaints and Consumer Protection (CCPC)
b) Money Advice & Budgeting Service (MABS)
c) Insolvency Service of Ireland (ISI)
d) Financial Services and Pension Ombudsman (FSPO)
Scale: Yes, No
ASK THOSE WITH CURRENT ACCOUNT WITH TRADITIONAL BANK
(CODE A-G IN Q.2)
26. How satisfied are you with dealings you have had with <INSERT MAIN BANK> in a bank branch, using
a scale of 1 to 5 where 1 is not at all satisfied and 5 being very satisfied?
1 = Very dissatisfied
5 – Very satisfied
Don’t
know
1
2
3
4
5
ASK IF DISSATIFIED (CODES 1 & 2)
27. You mentioned you were dissatisfied with the service you received from your bank when dealing with
them in branch, why did you say this? RECORD VERBATIM
78 | P a g e
ASK HOSE WITH CURRENT ACCOUNT WITH TRADITIONAL BANK (CODE A-G IN Q.2)
28. If you visit a branch of <INSERT MAIN BANK>, which of the following would best describe your reasons
for visit? Any other reasons?
SHOWCARD, MULTICODE
a. Lodge/withdraw cash
b. Transfer money
c. Pay bills
d. Speak to someone regarding a specific product, e.g. mortgage/loan/overdraft, etc.
e. Financial advice
f. Savings
g. Foreign exchange
h. Other, please specify:__________________
i. Never visit a branch with <INSERT MAIN BANK>
ASK ALL
29. How confident would you be in an automated service in a branch handling all of the services below on
a scale from 1-5, with 1 being “not at all confident” and 5 being “very confident”?
Services
Scale (1-5), incl. DK SHOWCARD
a
Lodge/withdraw cash
b
Transfer money
c
Pay bills
d
Financial advice
e
Savings
f
Foreign exchange
ASK ALL
30. How confident would you be in conducting the services below online on a scale from 1-5, with 1 being
“not at all confident” and 5 being “very confident”?
Services
Scale (1-5) incl. DK SHOWCARD
a
Transfer money
b
Pay bills
c
Speak to someone regarding a specific
product, e.g. mortgage, loan, overdraft etc.
d
Financial advice
e
Savings
ASK THOSE WITH CURRENT ACCOUNT IN Q2
31. How often do you use online banking from <INSERT MAIN BANK>, whether conducted on your computer
or via your phone?
a. At least once a week
b. Once every 2 to 3 weeks
c. Once a month
d. Once every 2-3 months
e. Less often than once every 3 months
f. Never/I do not use online banking
79 | P a g e
ASK THOSE WITH CURRENT ACCOUNT
32. From your experience, how easy is it to get in contact with a person from <INSERT MAIN BANK> when
calling by phone?
a. Very easy
b. Relatively easy
c. Neither easy nor difficult
d. Relatively difficult
e. Very difficult
f. Don’t know
ASK THOSE WITH CURRENT ACCOUNT WITH TRADITIONAL BANK
(CODE A-G IN Q.2)
33. From your experience, how easy is it to get in contact with a person from <INSERT MAIN BANK> when
you call in at the branch?
a. Very easy
b. Relatively easy
c. Neither easy nor difficult
d. Relatively difficult
e. Very difficult
f. Don’t know
ASK THOSE WITH CURRENT ACCOUNT
34. Overall, how would you rate your level of satisfaction with the services <INSERT MAIN BANK> provides?
SHOWCARD
a. Very satisfied
b. Relatively satisfied
c. Neither satisfied nor dissatisfied
d. Relatively dissatisfied
e. Very dissatisfied
f. Don’t know
Switching Behaviour & Experience
38. Have you ever considered switching provider for any of the following products?
MULTICODE, READ OUT, INCLUDE ANSWERS SELECTED IN Q.2/Q.4
a. Current/payment account
b. Mortgage account
c. Savings/deposit account
d. Credit card
e. Other personal loans
f. No, have not considered switching for any of these
80 | P a g e
39. And have you actually switched provider for any of these products in the past 5 years?
MULTICODE, READ OUT, INCLUDE ANSWERS SELECTED IN Q.2/Q.4
a. Current/payment account
b. Mortgage account
c. Savings/deposit account
d. Credit card
e. Other personal loans
f. No, have not switched provider for any of these
ASK ALL WHO HAVE CONSIDERED SWITCHING AT LEAST ONE PRODUCT IN Q39 OR HAVE SWITCHED AT LEAST
ONE PRODUCT IN Q39
40. When switching or considering switching, did you use any comparison tools?
a. Yes
b. No
ASK ALL WHO USED COMPARISON TOOLS
41. Which comparison tools/websites did you use? Please mention all tools/website you used?
DO NOT READ OUT, MULTICODE
Financial providers’/banks’ own websites
CCPC.ie (Competition and Consumer Protection Commission)
Bonkers.ie
Switchers.ie
Other, please specify:_______________
Do not recall
42. You have said that your switched provider for <INSERT PRODUCT FROM Q.39) in the past 5 years. How easy
or difficult did you find the switching process, on a scale from 1-5 where 1 is “very difficult” and 5 is “very easy”?
SHOWCARD
ASK FOR EACH PRODUCT ANSWERED IN Q.39
Scale: 1-5, include DK
FOR EACH PRODUCT SWITCHED AT Q.39
43. How would you rate your level of satisfaction with the switching process, when switching <INSERT PRODUCT>
in the past 5 years?
SHOWCARD
a. Very satisfied
b. Relatively satisfied
c. Neither satisfied nor dissatisfied
d. Relatively dissatisfied
e. Very dissatisfied
f. Don’t know
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FOR EACH PRODUCT CONSIDERED AT Q.38 BUT DIDN’T SWITCH AT Q.39, ASK Q.44
44. You said that you have considered switching provider for <INSERT PRODUCT) but that you have not switched
provider in the past 5 years. What is the main reason for not having switched provider for <INSERT PRODUCT>
in the past 5 years?
MULTICODE
a. Difficult to change provider
b. Didn’t have time to switch provider
c. Difficulty in gathering the required information on switching
d. Too expensive to switch
e. Lack of alternative providers/don’t know where to switch to
f. No longer interested in switching
g. Planning to switch but have not had time to do so yet
h. Other, please specify:__________________
FOR EACH PRODUCT SWITCHED AT Q.39
45. What was the reason for switching for provider for <INSERT PRODUCT> in the past 5 years? MULTICODE,
READ OUT SHOWCARD
a. Dissatisfied with the service from previous provider
b. Bank exited the market
c. No bank branches available nearby
d. Functionality of banking applications/mobile app
e. Lower fees/higher interest rate (current/saving accounts only)
f. Switched mortgage (current/saving accounts only)
g. Lower interest rate (mortgage/credit cards/loans only)
h. Cash back offer (mortgage/credit cards/loans only)
i. The bank didn’t offer a product you required
j. Other, please specify:___________
ASK ALL
46. How would you rate the level of choice in the market for the following products, using a scale from 1 to 5,
where 1 means there is very little choice and 5 means there is a lot of choice.
SHOWCARD
Product
1-5, incl. DK
a
Current account
b
Mortgage account
c
Savings account
d
Credit card
e
Other personal loans
82 | P a g e
Cash Access
ASK ALL
47. What is your preferred method of payment in a physical location, i.e. in a store? Is it… SINGLE CODE,
READOUT
a. Debit card (pin or contactless)
b. Credit card (pin or contactless)
c. Contactless by a smartphone
d. Cash
48. How do you generally access cash for your day-to-day transactions, e.g. grocery shopping, clothes,
restaurants, taxi fares, etc.
MULTICODE, SHOWCARD
a. ATMs
b. Withdrawal from counter at a bank branch
c. Withdrawal from counter at Post Office
d. Cashback from a retailer
e. Paid in cash by your employer/government transfer
f. Other, please specify:_________
g. I never use cash
ASK ALL WHO USE CASH, I.E NOT CODE G IN Q.48
49. Think of all the spending you do in physical locations in a typical week, what proportion of your
spending is done in cash?
____% (0-100)
CLASSIFICATION QUESTIONS
Finally, a few classification questions…
C.1 Do you have any dependent children living at home?
a. Yes
b. No
If YES
C.2 How old are your dependent children?
MULTICODE
a. 0-4
b. 5-12
c. 13-17
d. 18 years or older
83 | P a g e
C.3 What is your marital status?
a. Single
b. Married
c. Co-habiting
d. Widowed
e. Separated/divorced
f. Refused
C.4 What is your current level of education?
a. No education/only basic education
b. Primary School Level
c. Lower Secondary (Junior Certificate)
d. Higher Secondary (Leaving Certificate)
e. Post Leaving Certificate (e.g. VEC)
f. Third Level Non-Degree (e.g. Diploma)
g. Third Level Degree
h. Third Level Postgraduate Degree (e.g. Master, PhD)
C.5 Which of the following best describes your current working status?
a. Working full time (30+ hrs per week)
b. Working Part time (-29 hrs per week)
c. Self-employed (including farmers)
d. Unemployed
e. Home duties
f. Retired
g. Student, not employed
h. Student, working part time
i. Sick/disabled
C.6 Which of the following best describes how you occupy the property you currently live in?
a. I own it outright (no mortgage)
b. I own it with a mortgage
c. I rent it in the private market.
d. I rent it from an Approved Housing Body/Local Authority
e. I live with my parents
f. Other, please specify:_________
C.7 Which of these best describes the general area where you live?
a. A city
b. A large town
c. A small town
d. Rural area
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C.8 Which of the following letters best matches your Gross household income per year?
PLEASE CALL BACK A LETTER
SHOW INCOME SHOWCARD
Q. €25,000 or less
S. €25,001 - €50,000
R. €50,001 - €100,000
T. €100,001 - €150,000
P. Over €150,001
Don't know (DO NOT READ OUT)
Refused (DO NOT READ OUT)
THANK YOU
85 | P a g e
Appendix 2 – Social Class Definition
The definitions for Social Grades of A, B, C1, C2, DE, F50+, and F50 are as per the Association of Irish
Market Research Organisations (AIMRO) social class grading guidelines:
A - Professional, Senior Management
B - Newly qualified professional, Middle Management
C1 - Junior Managers, Clerical
C2 - Skilled Workers
D - Semi or unskilled workers
E - State Benefit, Social Welfare only
F - Farming, depending on farm size in acres
The classification is based on chief income earner of the household.
