The Minister for Finance Jack Chambers has published the Consumer Sentiment Banking Survey 2024.
The annual survey was conducted by Ipsos Behaviour and Attitudes (B&A) on behalf of the Department of Finance. A nationally representative sample of more than 1,515 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.
In terms of satisfaction with their main financial provider, almost 2 in 5 (37%) state that they are very satisfied. This is an increase of three points from 2023. Overall satisfaction with the main financial provider increased to 86% from 82% in 2023, with dissatisfaction being expressed by 4%, similar to 2023.
More customers are using multiple financial providers, with 66% having more than one provider, up from 57% in 2023. 36% use credit unions at least occasionally, up from 30% in 2023.
The survey results also report on the continued increase in the use of ‘fintech’ by consumers of financial services in Ireland. This includes a growing use of apps on smartphones and contactless payments by customers of traditional banks.
In terms of switching, there remains a low level of switching intent, however there is an increasing belief of more competitiveness/choice in the market. This is highest for savings accounts and credit cards and lowest for mortgages.
On the publication of the survey, the Minister for Finance Jack Chambers stated:
“I welcome the results of the 2024 Consumer Sentiment Banking Survey. This now annual survey provides important insights into the experiences and perceptions of consumers of the retail banking market and broader developments in the financial services sector. I would like to express my thanks all those people who took the time to complete the survey.
The world of banking and financial services continues to change rapidly and the results of this survey bear that out. A growing number of people are availing of digital financial services and it is clear that this trend is set to continue. We must therefore ensure that we are prepared for this change and that ultimately customers continue to be protected, given the robust consumer protection framework that is currently in place in Ireland. The survey results will help to inform these developments from the consumer’s perspective as the banking and financial services landscape continues to evolve. "
