Press release
Minister Chambers publishes the Consumer Sentiment Banking Survey 2024
Published on
Last updated on
Published on
Last updated on
Overall satisfaction with the main financial providers increased to 86% in 2024
The Minister for Finance Jack Chambers has today (Thursday) published the Consumer Sentiment Banking Survey Report 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. "
Key results of the Consumer Sentiment Banking Survey
In terms of satisfaction with their main financial provider, almost 2 in 5 (37%) state that they are very satisfied, an increase of three points. Overall satisfaction has increased to 86%, with dissatisfaction being expressed by 4%, similar to 2023.The survey results 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.
Usage of apps outside the traditional sector has increased in the past year, with 2 in 5 (39%) now using such providers, almost exclusively driven by Revolut.
Three per cent of respondents now hold their main current account with Revolut, down from 4% in 2023 but up from just 1% in 2022. However, the financial services provider is becoming more prominent as part of consumers’ repertoire.
81% agree that the services provided by ‘digital only’ banks are a good substitute for traditional banks.
The main appeal of fintech providers versus the more traditional retail banks is that they offer instant money transfers (75%), free banking (59%, up from 55%), a user-friendly app (37%) and ability to split bills (36%).
Cash Withdrawals - ATMs still dominate in terms of cash withdrawals and have increased in popularity this year, they are now used by 74% of adults (down four percentage points). Cashback from retailers has slipped back slightly.
Most people said they have their main current account with either: AIB (42%); BOI (33%); or, PTSB (14%). 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.
Level of choice in market- 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).
Around 6% have switched their current account (down three points since 2023) and 10% have switched mortgages.
Among those who have switched current accounts, 46% found the process to be very easy. However, 1 in 8 experienced some difficulties.
Of those who have switched in the past 5 years, the key driver in 2023 was the exit of two banks from the market.