A recent survey has found that three-quarters of Irish adults are frustrated by high banking fees for basic services such as account maintenance and ATM withdrawals. The research, part of the second annual State of Irish Banking Report conducted by Censuswide for fintech company Wise, highlights significant dissatisfaction with traditional banking practices in Ireland.
The report reveals that one in four respondents also believe there is a lack of transparency regarding banking and international fees. These frustrations come as more consumers shift away from traditional banking services. Only one in five adults now relies solely on conventional banking, a decline of 6% from the previous year. In contrast, over a third of those surveyed prefer to use only app-based financial services, while nearly half identified as hybrid customers, utilizing both traditional and digital banking.
Key frustrations cited by respondents include uncompetitive interest rates, inadequate customer service, high costs and slow processing for international transactions, and a general lack of clarity around fees. “We are witnessing a tipping point for banking and fintech in Ireland,” said Harsh Sinha, Chief Technology Officer at Wise. He emphasized that the report underscores how outdated banking practices and high fees are driving consumers toward more competitive and transparent financial providers.
The report also highlights concerns about costs incurred when spending abroad. A striking 79% of respondents expressed a desire for simpler solutions to transfer and spend money internationally. The research indicates a growing trend in digital payments, with a 12% increase year-on-year in the number of people using digital options while traveling.
The findings suggest that consumers value the speed and efficiency of digital transactions, with 61% citing faster processing times as a key advantage. More than half of Irish adults using app-based providers rely on these services for everyday shopping, indicating a shift in consumer behavior towards fintech solutions.
Roisin Levine, Head of UK & Europe Partnerships at Wise Platform, noted, “Our research shows that Irish people want to see banks increase their use of fintech solutions and provide simpler ways to manage their money.” She added that the movement towards modernization in banking is not just about keeping pace but also about creating a financial ecosystem that aligns with the rapid innovation occurring across Europe.
As traditional banks face increasing pressure from fintech companies, the report calls for both sectors to enhance their technological capabilities in response to evolving consumer expectations. The findings reflect a clear demand for a more consumer-friendly banking experience in Ireland, as frustrations with existing services continue to grow.
