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Ministers Donohoe and Fleming host event on the future of retail banking in Ireland
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The Minister for Finance, Paschal Donohoe, and the Minister of State for Financial Services, Credit Unions and Insurance, Seán Fleming, are today (Monday) hosting an important event on the future of retail banking in Ireland.
The Retail Banking Review Dialogue, taking place in Tullamore, Co. Offaly, provides a forum for key stakeholders to communicate their views on the future of retail banking to the Ministers and to the Retail Banking Review team from the Department of Finance.
The public consultation, a key part of the Retail Banking Review, will be launched at the Dialogue and will be open until 8 July 2022 for all interested parties to engage with and submit their views.
The department has today also published a detailed consumer survey on the experience and perceptions of the banking sector in Ireland. This survey was conducted by Behaviour and Attitudes on behalf of the Department of Finance. A nationally representative sample of more than 1,500 individuals was obtained through face-to-face interviews to get an in-depth understanding of consumers’ experiences and perceptions of the retail banking sector in Ireland.
Key results include:
- 97% of the sample hold their main current account with a traditional retail bank with one in ten holding their main current account with Ulster Bank or KBC. Only 1% hold their main current account with a digital bank
- 42% feel that banking culture has improved since 2007/2008, 31% say it has not changed at all and 27% say that it has disimproved
- digital channels are the main form of contact with their main bank for 70% of people but branch visits continue to be important with 23% stating that this is their main form of contact with their main bank
- switching rates are low for all financial products with only between 2% and 5% having switched in the last 5 years (depending on the financial product)
- overall, debit cards are the preferred payment method (57%) expressed by responders to the survey but one in five adults expressed a preference for cash and this number is highest for those aged 55+
Speaking in advance of his keynote address at the Retail Banking Review Dialogue, the Minister for Finance Paschal Donohoe stated:
“Retail banking has been undergoing significant change in recent years. It is a vital component of our domestic economy and in response to the changes underway and those that are ahead, last year, the government agreed to a review of the retail banking system to assess how it can best support the social and economic needs of our citizens and businesses into the future.
"Today, my department hosts the Retail Banking Review Dialogue - an important element of the Retail Banking Review which is due to report to me in November. A broad range of interested stakeholders are in attendance today and I will be encouraging all to share their views with us.
"The public consultation, which will be launched this morning, is a key element of the Review and I encourage all stakeholders to make a submission before 8 July 2022, at consult.finance.gov.ie. These submissions will make an important contribution to the work that my department is doing on the Review.
"I welcome the results of the Consumer Survey, which gives us important insights into the experiences and perceptions of consumers of the retail banking market on our island. I would like to express my thanks all those who took part in the survey.”
Minister Seán Fleming stated:
“The Retail Banking Review Dialogue being held today is important to me and to my department as it gives stakeholders a chance to have their voices heard. The Retail Banking Review public consultation is also launched today where all stakeholders have the opportunity express their views on these important matters."
The event will be live streamed (except for the breakout sessions) at: https://www.gov.ie/en/organisation-information/7c113-retail-banking-review-dialogue/ [Link goes live at 10.45am Monday 16 May ]
The public consultation document is accessible on the Department of Finance’s website at Retail Banking Review Public Consultation and submissions can be made at https://consult.finance.gov.ie/.
The Consumer Survey results and the full event programme:
