Online and Mobile Banking - Ireland - September 2012
Although online banking is now the most frequently used retail banking channel by Irish consumers (though not the most widely used, a position that branches still hold), other personal finance-related technological initiatives have not yet captured consumers' imagination or enthusiasm to anything like the same extent. Mintel's consumer data show that 60% of RoI and 50% of NI consumers do almost all of their banking online nowadays. When it comes to relatively straightforward banking activities (such as checking balances, transferring funds and paying bills), online banking platforms are the first port of call for most internet users.
The other main tech-enabled developments – mobile banking and contactless cards – are still in their emergent phase. Even though smartphone ownership now exceeds 50% throughout Ireland (and continues to grow), around three quarters of internet users never use mobile banking, while only a very small minority use it on a regular basis. There is even less interest among consumers in contactless payment card technology: only 18% of RoI and 15% of NI internet users claim to be interested in using contactless payment cards. Although this is partly due to concerns over security, the biggest obstacle may be convincing consumers that this payment method offers real benefits to them.
Some questions answered in this report include:
- Impact of environmental factors – How are internal market and broader market environmental factors impacting upon consumers' current and future use of the online banking and mobile banking? These factors include internet usage and access, smartphone ownership, general experience with technology and the internet, economic difficulties and consumer confidence.
- Alternatives to tech-enabled payments – What are the main alternatives to technology-enabled or electronic payment methods?
- Preferred channels and means of accessing accounts – What channels and means of access are Irish consumers using on a regular and frequent basis?
- Attitudes towards online banking – To what extent do consumers recognise and value the benefits of online banking? Are consumers confident about the security of online banking? Are consumers sufficiently comfortable with online banking that they would be willing to use an online-only bank?
- Attitudes towards mobile banking – Do consumers recognise the benefits that mobile banking could provide them with? How confident are Irish consumers in the security of mobile banking? How aware are consumers of the availability of mobile banking apps?
- Attitudes towards contactless cards – Are consumers concerned about the security of contactless payment technology? Do consumers regard contactless cards as being much more convenient than current payment methods? How interested are consumers in using this technology?
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