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.
In terms of satisfaction with their main financial provider, over 1 in 3 (34%) state that they are very satisfied, an increase of three points. Overall satisfaction remains steady at 82%, with dissatisfaction being expressed by 6%, similar to 2022.
The survey results also report 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” banking providers.
There is a belief 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).
Minister McGrath also published today the Financial Consumer Protection Roadmap that will help ensure a coordinated focus remains on supporting and protecting consumers in this rapidly changing financial services and banking environment.
The purpose of this Roadmap is to bring together in one place, information on some of the consumer protection policies that are being developed to deal with the changing landscape in the provision of financial services.
It is important for consumers to have access to quality financial products and services; that they are supported in making informed decisions; that they are afforded appropriate protections; and, that they have access to redress mechanisms when harms occur.
Ireland is committed to adhering to the G20/OECD High-Level Principles on Financial Consumer Protection when developing policy at home and contributing to policy development in European and international fora.
On the publication of the Survey and the Roadmap, the Minister for Finance, Michael McGrath T.D. stated:
“I welcome the results of the Consumer Sentiment Survey which provides important insights into the experiences and perceptions of consumers of the retail banking market and the broader financial services developments. I would like to express my thanks all those people who took the time to complete the survey.
“The world of banking is changing rapidly and the results of this survey bear that out. A growing number of people are availing of digital financial services and that trend is set to continue. We must ensure that we are prepared for this change and that ultimately customers continue to be protected.
“In that context I am also delighted to publish the Financial Consumer Protection Roadmap which places the citizen at the centre in the development of evidenced-based policy initiatives aimed at supporting consumers in what is a rapidly changing financial services ecosystem.”
