Online and Mobile Banking - Ireland - September 2012
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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.
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