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Ireland Retail Banking 2020 - Review, Forecasts, and Future Opportunities

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  • 34 Pages
  • March 2021
  • Region: Ireland
  • GlobalData
  • ID: 5305193

This report explores trends in the Irish retail banking sector and provides insight into consumer preferences and behaviors. It highlights some of the most important data points available on the performance of the sector compared to other markets as well as the performance and perception of firms within the industry. New trends and innovations are also noted, as are the implications of COVID-19 for the sector.

Growth in the Irish retail banking sector has been moderate over the past decade, having been significantly impacted by the global financial crisis. Until 2020, economic growth in Ireland had been strong following a deflationary period in 2016-17. The country’s pro-business environment has supported the economy and made Ireland home to many multinational companies. COVID-19 significantly altered trajectories in 2020, although a strong recovery is expected in 2021. Brexit negotiations also threatened business and consumer confidence in Ireland and its surrounding markets, but the avoidance of a no-deal scenario has buoyed confidence.

  • Credit card market share concentration among the five largest banks in Ireland rose 3 percentage points over 2010-19 as the likes of AIB and Bank of Ireland grew their market shares.
  • AIB has made digital a key focus of its strategic goals, creating a comprehensive digital ecosystem based on cloud banking.
  • Less affluent consumers in Ireland are most inclined to value ease and convenience.
  • The importance placed on banks with branch services or established reputations has decreased considerably in Ireland - more so than in comparable markets.

Reasons to Buy
  • Identify factors affecting growth prospects across the deposit, credit card, personal loan, and mortgage markets.
  • Track competitor gains and losses in market share, as well as consumer perceptions of competitors’ performance.
  • Learn about how channel preferences have evolved in recent years.
  • Discover changes in attitudes towards digital-only banks.
  • Explore the importance placed on the various attributes of financial services providers analyzed by age and income.

Table of Contents

  • Growth Prospects
  • Macroeconomic Insights
  • Survey Insights
  • Competitor Update
  • Appendix

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • KBC
  • Allied Irish Banks
  • Bank of Ireland
  • EBS
  • KBC
  • permanent tsb
  • Ulster Bank