Sorry for interrupting, this website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Learn more
Accept & Close

Current Accounts & Brand Loyalty - Ireland - October 2017

“Despite the centrality of a current account to a consumer's financial life, it is not a product that provokes strong feelings or opinions. Rather, there is a distinct sense of apathy and inertia. Consumers don't feel any particular bond or connection with their provider, nor would they be overly keen to recommend their main current account provider to a friend or relative. There is an underlying sense that providers are all essentially the same."

– Brian O’Connor, Senior Consumer Analyst

This report looks at the following areas:

  • RoI economic outlook good, NI stalling under uncertainty
  • Switching low in RoI, somewhat higher in UK (including NI)
  • Decline in complaints about current accounts in NI and RoI

What you get

What's included

Why buy from us?

Succeed

Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.

Instant Access

Buy now and you'll have instant access to the information you need to make the right decisions.

Opportunities

Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.

Trusted

A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.

Table of contents

  1. Overview

    • What you need to know
      • Issues covered in this Report
        • Definitions
        • Executive Summary

            • The market
              • Around 6.96 million active current accounts in NI and RoI
                • Figure 1: Total number of active current accounts, IoI, RoI and NI, 2012-17
              • Forecast
                • Figure 2: Index of total number of active current accounts, actual, forecast and projected, RoI and NI, 2012-22
              • Market factors
                • RoI economic outlook good, NI stalling under uncertainty
                  • Switching low in RoI, somewhat higher in UK (including NI)
                    • Decline in complaints about current accounts in NI and RoI
                      • Companies and brands
                        • The consumer
                          • Vast majority of consumers own at least one current account
                            • Figure 3: Number of current accounts owned by consumers (including those owned jointly with someone else), NI and RoI, September 2017
                          • Healthy competition in current account market in NI
                            • Figure 4: Bank, building society or credit union where consumers have their main current accounts, NI, September 2017
                          • RoI current account market dominated by two institutions
                            • Figure 5: Building society or credit union where consumers have their main current accounts, RoI, September 2017
                          • Switching remains a minority activity among Irish consumers
                            • Figure 6: If consumers have switched their main current account, NI and RoI, September 2017
                          • Convenience a major factor in customer/bank bond
                            • Figure 7: Agreement with statements relating to current accounts and current account providers, NI and RoI, September 2017
                          • What it means
                          • The Market – What You Need to Know

                            • RoI economic outlook good, NI stalling under uncertainty
                              • Switching low in RoI, somewhat higher in UK (including NI)
                                • Decline in complaints about current accounts in NI and RoI
                                • Market Size and Forecast

                                    • Approaching 7 million active current accounts across Ireland
                                      • Figure 8: Total number of active current accounts, IoI, RoI and NI, 2012-22
                                    • RoI market in decline, while NI market growing marginally
                                      • 2017-22 to bring only moderate growth in number of accounts
                                        • Figure 9: Index of total number of active current accounts, actual, forecast and projected, RoI and NI, 2012-22
                                    • Market Drivers

                                      • RoI economy forecast to grow by 3.2% in 2018, unemployment below 6%
                                        • Figure 10: Key economic indicators, RoI, actual, estimated and forecast, 2016-18
                                        • Figure 11: Labour market summary, estimated and forecast, 2016-18
                                      • Economic growth in NI subdued in climate of Brexit-induced uncertainty
                                        • Figure 12: Economic growth, annual % increase, estimated and forecast, NI and UK, 2017-19
                                        • Figure 13: Unemployment rate, NI, estimated and forecast, 2017 and 2018
                                      • Low level of current account switching among RoI consumers
                                        • Figure 14: Number of current accounts switched, RoI, H1 2011-H1 2016
                                      • Switching activity gradually slowing in UK (including NI)
                                        • Figure 15: Number of current account switches, UK (incl. NI), Q4 2014-Q2 2017
                                      • All major NI institutions losing current accounts to switching
                                        • Figure 16: Switching gains and losses, UK (including NI) financial institutions, Q4 2016
                                        • Figure 17: Switching losses, NI-based financial institutions, Q4 2015 and Q4 2016
                                      • Significant decline in complaints about current accounts in UK (including NI)
                                        • Figure 18: Number of new complaints about current accounts submitted to FOS, UK (including NI), 2011/12-2016/17
                                      • 4,300 complaints submitted to RoI's Financial Ombudsman in 2016
                                        • Figure 19: Valid complaints submitted to Financial Ombudsman (Ireland), sectoral analysis, 2016
                                        • Figure 20: Banking complaints submitted to Financial Ombudsman (Ireland), by type, 2016
                                        • Figure 21: Complaints about accounts submitted to Financial Ombudsman (Ireland), 2011-16
                                      • Complaints to providers about current accounts down by more than 40%
                                        • Figure 22: Complaints about current accounts submitted to providers, H2 2013-H1 2016
                                        • Figure 23: Complaints about current accounts submitted to providers, by complaint type, H1 2016
                                    • Companies and Brands – What You Need to Know

                                      • Bank putting focus on younger customers
                                        • Bank of Ireland and Santander investing in fintech
                                          • Permanent TSB announces significant charges on certain customers
                                          • Companies and Brands

                                              • Santander (NI Only)
                                                • Key facts
                                                  • Product portfolio
                                                    • Recent developments
                                                      • Ulster Bank
                                                        • Key facts
                                                          • Product portfolio
                                                            • Recent developments
                                                              • Halifax (NI Only)
                                                                • Key facts
                                                                  • Product portfolio
                                                                    • Recent developments
                                                                      • Danske Bank (NI Only)
                                                                        • Key facts
                                                                          • Product portfolio
                                                                            • Recent developments
                                                                              • Allied Irish Bank/ First Trust
                                                                                • Key facts
                                                                                  • Product portfolio
                                                                                    • Recent developments
                                                                                      • Bank of Ireland
                                                                                        • Key facts
                                                                                          • Product portfolio
                                                                                            • Recent developments
                                                                                              • Permanent TSB (RoI Only)
                                                                                                • Key facts
                                                                                                  • Product portfolio
                                                                                                    • Recent developments
                                                                                                      • Nationwide (NI Only)
                                                                                                        • Key facts
                                                                                                          • Product portfolio
                                                                                                            • Recent developments
                                                                                                              • An Post (RoI Only)
                                                                                                                • Key facts
                                                                                                                  • Product portfolio
                                                                                                                    • HSBC (NI Only)
                                                                                                                      • Key facts
                                                                                                                        • Product portfolio
                                                                                                                          • Recent developments
                                                                                                                            • KBC (RoI Only)
                                                                                                                              • Key facts
                                                                                                                                • Product portfolio
                                                                                                                                  • Recent developments
                                                                                                                                    • EBS (RoI Only)
                                                                                                                                      • Key facts
                                                                                                                                        • Product portfolio
                                                                                                                                        • Who’s Innovating?

                                                                                                                                          • Digital-only current accounts
                                                                                                                                            • Triodos’ ethical current account
                                                                                                                                              • Monzo releases current account product after gaining UK banking licence in April
                                                                                                                                              • The Consumer – What You Need to Know

                                                                                                                                                • Vast majority of consumers own at least one current account
                                                                                                                                                  • Healthy competition in current account market in NI
                                                                                                                                                    • RoI current account market dominated by two institutions
                                                                                                                                                      • Switching remains a minority activity among Irish consumers
                                                                                                                                                        • Convenience a major factor in customer/bank bond
                                                                                                                                                        • Ownership of Current Accounts

                                                                                                                                                            • Almost universal ownership of current accounts among Irish consumers
                                                                                                                                                              • Figure 24: Number of current accounts owned by consumers (including those owned jointly with someone else), NI and RoI, September 2017
                                                                                                                                                            • Around a third of consumers have more than one account
                                                                                                                                                              • Married/cohabiting consumers more likely to have multiple accounts
                                                                                                                                                                • Figure 25: Consumers who have two current accounts, by marital status, NI and RoI, September 2017
                                                                                                                                                              • Multiple account ownership highest among higher earners
                                                                                                                                                                • Figure 26: Consumers who have two current accounts, by household income, NI and RoI, September 2017
                                                                                                                                                            • Where Current Accounts are Held

                                                                                                                                                                • High level of competition in NI main current account market
                                                                                                                                                                  • Figure 27: Bank, building society or credit union where consumers have their main current accounts, NI, September 2017
                                                                                                                                                                • Similar level of spread in NI other or non-main account market
                                                                                                                                                                  • Figure 28: Bank, building society or credit union where consumers have their other (non-main) current accounts, NI, September 2017
                                                                                                                                                                • Only four providers of main accounts in RoI, with two dominating
                                                                                                                                                                  • Figure 29: Building society or credit union where consumers have their main current accounts, RoI, September 2017
                                                                                                                                                                • More competition in RoI's secondary account market
                                                                                                                                                                  • Figure 30: Building society or credit union where consumers have their other (non-main) current accounts, RoI, September 2017
                                                                                                                                                              • Switching Activity

                                                                                                                                                                  • Most consumers have never switched their current account provider
                                                                                                                                                                    • Figure 31: If consumers have switched their main current account, NI and RoI, September 2017
                                                                                                                                                                  • Half of all 'switchers' did so more than five years ago
                                                                                                                                                                    • Women and younger consumers least likely to have switched provider
                                                                                                                                                                      • Figure 32: Agreement with statement 'I’ve never switched my main current account provider', by gender and age, NI and RoI, September 2017
                                                                                                                                                                    • C2DEFs and low earners most inclined to remain loyal to provider
                                                                                                                                                                      • Figure 33: Agreement with statement 'I’ve never switched my main current account provider', by social class and gross annual household income, NI and RoI, September 2017
                                                                                                                                                                  • Attitudes towards Current Accounts and Providers

                                                                                                                                                                      • Choice of current account provider mostly down to convenience
                                                                                                                                                                        • Figure 34: Agreement with statements relating to current accounts and current account providers, NI and RoI, September 2017
                                                                                                                                                                      • Convenience a major factor in effective cross-selling…
                                                                                                                                                                        • Figure 35: Agreement and disagreement with statement "It is more convenient for me to hold the majority of my financial products with my main current account provider", NI and RoI, September 2017
                                                                                                                                                                      • …and a factor too in initial decision to choose existing provider
                                                                                                                                                                        • Around half of all consumers would go first to existing provider
                                                                                                                                                                          • Figure 36: Agreement and disagreement with statement "I go to my main current account provider first when looking for a new financial product", NI and RoI, September 2017
                                                                                                                                                                        • Reasonably high level of trust among consumers in providers
                                                                                                                                                                          • High level of reluctance to switch current account provider
                                                                                                                                                                            • Figure 37: Agreement and disagreement with statement "I don't see the point in switching, all banks are the same", NI and RoI, September 2017
                                                                                                                                                                          • Consumers not overly inclined to recommend bank to others
                                                                                                                                                                            • Figure 38: Agreement and disagreement with statement "I have recommended my main current account provider to friends/family", NI and RoI, September 2017
                                                                                                                                                                          • Low level of connection/relationship felt by consumers
                                                                                                                                                                            • Figure 39: Agreement and disagreement with statement "I have a good personal relationship with the staff in my local branch", NI and RoI, September 2017
                                                                                                                                                                        • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                                                          • Data sources
                                                                                                                                                                            • Abbreviations

                                                                                                                                                                            Companies Covered

                                                                                                                                                                            To learn more about the companies covered in this report please contact us.

                                                                                                                                                                            Current Accounts & Brand Loyalty - Ireland - October 2017

                                                                                                                                                                            US $1,453.83 (Excl.Tax)