2023
0
Ireland Current Accounts Market Report 2023
2023-09-12T04:00:57+01:00
OX1158361
1495
166485
[{"name":"Banking and Payments","url":"https:\/\/store.mintel.com\/industries\/finance\/financial-services\/banking-payments"}]
Report
en_GB
“Despite expected economic contraction and seemingly-intensifying pressure on household finances, ownership levels of current accounts will be largely unaffected; consumers still need current accounts. This is not to suggest, however,…

Ireland Current Accounts Market Report 2023

£ 1,495 (Excl.Tax)

Report Summary

“Despite expected economic contraction and seemingly-intensifying pressure on household finances, ownership levels of current accounts will be largely unaffected; consumers still need current accounts. This is not to suggest, however, that broader environmental factors do not impact upon the current account market. Providers of fee-paying accounts may find it a tougher market with greater onus on demonstrating value, while consumers looking to sidestep charges may look to digital, challenger banks offering free accounts with extra features.”
Brian O’Connor, Category Director for Ireland, August 2023

This Report looks at the following areas:

  • Market drivers and dynamics in the current accounts market.
  • Current account ownership among Irish consumers, and the type of accounts that consumers hold.
  • Consumer satisfaction with their current accounts and current account providers.
  • Whether consumers have opened new accounts over the past 12 months, and whether consumers intend switching providers in the coming 12 months.
  • Consumer satisfaction with their current accounts and current account providers.
  • Consumer attitudes towards various issues relating to current accounts and current account providers.

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
        • Products covered in this Report
          • Definitions
          • Executive Summary

              • The Market
                • Short-, medium- and long-term outlook
                  • Figure 1: Category outlook for current accounts, 2023-27
                • 7.6 million active current accounts in Ireland in 2023
                  • Figure 2: Number of current accounts, actual, estimated and projected, IoI, RoI and NI, 2018-28
                • Around 8.3 million active current accounts expected by 2028
                  • Figure 3: Index of number of current accounts, actual, estimated and projected, IoI, RoI and NI, 2018-28
                • Market factors
                  • Declining branch networks as consumers increasingly bank online
                    • Consumers under financial pressure due to cost of living crisis
                      • Rising interest rates to affect savings and borrowings
                        • Increase in current account switching activity in UK (including NI)
                          • Innovations
                            • The Consumer
                              • Overwhelming majority of consumers have a current account
                                • Figure 4: Ownership of personal current accounts (including those held jointly with someone else), NI and RoI, 2023
                              • Majority have own account, but many have joint account
                                • Figure 5: Whether current account held in own name, jointly or both, NI and RoI, 2023
                              • Majority of consumers have a standard or regular current account
                                • Figure 6: Types of current account currently held, NI and RoI, 2023
                              • Five different providers have strong presence in NI main account market
                                • Figure 7: Where consumers hold their main current account, NI, 2023
                              • Majority of RoI market controlled by just three major providers
                                • Figure 8: Where consumers hold their main current account, RoI, 2023
                              • Digital-only banks establishing presence in non-main account in NI
                                • Figure 9: Where consumers hold their other current account, NI, 2023
                              • Revolut leading the RoI non-main current accounts market
                                • Figure 10: Where consumers hold their other current account, RoI, 2023
                              • Consumers generally satisfied with current accounts and providers
                                • Figure 11: Whether consumers are satisfied or dissatisfied with current account provider and services offered, NI and RoI, 2023
                              • Around 1 in 10 opened new account in last 12 months
                                • Figure 12: Actions relating to current accounts taken in the last 12 months, NI and RoI, 2023
                              • Strong consensus that free banking should be available
                                • Figure 13: Agreement with statements relating to current accounts, NI and RoI, 2023
                            • The Market – Key Takeaways

                              • Declining branch networks as consumers increasingly bank online
                                • Consumers under financial pressure due to cost of living crisis
                                  • Rising interest rates to affect savings and borrowings
                                    • Increase in current account switching activity in UK (including NI)
                                    • Market Size and Forecast

                                        • Five-year outlook for current accounts
                                          • Figure 14: Category outlook for current accounts, 2023-2027
                                        • More than 7.5 million active current accounts in Ireland in 2023
                                          • Figure 15: Number of current accounts, actual, estimated and projected, IoI, RoI and NI, 2018-28
                                        • Around 8.3 million active current accounts expected by 2028
                                          • Figure 16: Index of number of current accounts, actual, estimated and projected, IoI, RoI and NI, 2018-28
                                      • Market Drivers

                                        • Branch networks across Ireland continuing to decline
                                          • Figure 17: Number of bank branches, by bank, NI, 2022
                                        • Cost of living crisis exerting extreme pressure on household finances
                                          • Figure 18: Whether consumers have been affected by any of these issues over the last two months, NI and RoI, 2023
                                        • Only a minority of consumers describe own financial situation as being healthy
                                          • Figure 19: How consumers would generally describe their financial situation at the moment, NI and RoI, 2023
                                        • Most say finances have deteriorated – and most worried about what’s to come
                                          • Figure 20: How consumers say their own financial situation compares to how it was a year or so ago, NI and RoI, 2023
                                          • Figure 21: How consumers feel about their financial situation over the next year or so, NI and RoI, 2023
                                          • Figure 22: Consumer response to ‘Thinking about your current employment, how confident or worried do you feel about your job security?’, NI and RoI, 2023
                                        • Rising interest rates likely to boost savings, curtail borrowing
                                          • 50% increase in current account switches in UK (including NI)
                                            • Figure 23: Total number of current account switches, UK (including NI), January-June 2023
                                          • More consumers switch for service-related benefits than financial benefits
                                            • Figure 24: Reasons why consumers switch their current account provider, UK (including NI), Q1 2023
                                          • 3 of the 4 NI-based providers recorded net losses through current account switches
                                            • Figure 25: Total number of current account switches, net gains/losses, by bank, UK (including NI), Q1 2023
                                        • Companies and Innovations – Key Takeaways

                                          • Putting people back into banking
                                            • Experimenting with VR and banking
                                              • Signing up to a bank in a c-store
                                              • Who’s Innovating?

                                                • Re-introducing the human touch to banking
                                                  • Virtual banking and the metaverse
                                                    • Figure 26: Attitudes towards the Metaverse, IoI, 2022
                                                  • Aligning with retailers
                                                  • Companies and Brands

                                                      • Allied Irish Bank
                                                        • Key Facts
                                                          • Product Portfolio
                                                            • NI
                                                              • RoI
                                                                • Recent Developments
                                                                  • An Post (RoI only)
                                                                    • Key Facts
                                                                      • Product Portfolio
                                                                        • Recent Developments
                                                                          • Bank of Ireland
                                                                            • Key Facts
                                                                              • Product Portfolio
                                                                                • RoI
                                                                                  • NI
                                                                                    • Recent Developments
                                                                                      • Danske Bank (NI only)
                                                                                        • Key Facts
                                                                                          • Product Portfolio
                                                                                            • Recent Developments
                                                                                              • EBS (RoI only)
                                                                                                • Key Facts
                                                                                                  • Product Portfolio
                                                                                                    • Recent Developments
                                                                                                      • Halifax (NI only)
                                                                                                        • Key Facts
                                                                                                          • Product Portfolio
                                                                                                            • Recent Developments
                                                                                                              • HSBC (NI only)
                                                                                                                • Key Facts
                                                                                                                  • Product Portfolio
                                                                                                                    • Recent Developments
                                                                                                                      • Nationwide (NI only)
                                                                                                                        • Key Facts
                                                                                                                          • Product Portfolio
                                                                                                                            • Recent Developments
                                                                                                                              • Permanent TSB (RoI only)
                                                                                                                                • Key Facts
                                                                                                                                  • Product Portfolio
                                                                                                                                    • Recent Developments
                                                                                                                                      • Santander (NI only)
                                                                                                                                        • Key Facts
                                                                                                                                          • Product Portfolio
                                                                                                                                            • Recent Developments
                                                                                                                                              • Ulster Bank (NI only)
                                                                                                                                                • Key Facts
                                                                                                                                                  • Product Portfolio
                                                                                                                                                  • The Consumer – Key Takeaways

                                                                                                                                                    • Ownership of Current Accounts

                                                                                                                                                        • Only very small minority do not have a current account
                                                                                                                                                          • Figure 27: Ownership of personal current accounts (including those held jointly with someone else), NI and RoI, 2023
                                                                                                                                                        • Around four in 10 consumers have more than one account
                                                                                                                                                          • Figure 28: Ownership of personal current accounts (including those held jointly with someone else), NI and RoI, 2023
                                                                                                                                                        • Most have own account, but joint accounts relatively common
                                                                                                                                                          • Figure 29: Whether current account held in own name, jointly or both, NI and RoI, 2023
                                                                                                                                                      • Type of Current Account Held

                                                                                                                                                          • More than 80% have a standard or regular current account
                                                                                                                                                            • Figure 30: Types of current account currently held, NI and RoI, 2023
                                                                                                                                                          • Older consumers most likely to have standard/regular accounts
                                                                                                                                                            • Figure 31: Consumers who currently hold a standard/regular current account, by age, NI and RoI, 2023
                                                                                                                                                        • Where Current Accounts Held

                                                                                                                                                            • Five providers command strong position in NI main account market
                                                                                                                                                              • Figure 32: Where consumers hold their main current account, NI, 2023
                                                                                                                                                            • Just three providers control 83% of current account market in RoI
                                                                                                                                                              • Figure 33: Where consumers hold their main current account, RoI, 2023
                                                                                                                                                            • Digital-only challenger banks making inroads in non-main account in NI
                                                                                                                                                              • Figure 34: Where consumers hold their other current account, NI, 2023
                                                                                                                                                            • Revolut the clear market leader in non-main current accounts
                                                                                                                                                              • Figure 35: Where consumers hold their other current account, RoI, 2023
                                                                                                                                                          • Satisfaction with Current Accounts

                                                                                                                                                              • Most consumers satisfied with current accounts and providers
                                                                                                                                                                • Figure 36: Whether consumers are satisfied or dissatisfied with current account provider and services offered, NI and RoI, 2023
                                                                                                                                                              • Higher levels of satisfaction among NI consumers than RoI consumers
                                                                                                                                                                • Figure 37: Whether consumers are satisfied or dissatisfied with current account provider and services offered, NI, 2023
                                                                                                                                                                • Figure 38: Whether consumers are satisfied or dissatisfied with current account provider and services offered, RoI, 2023
                                                                                                                                                              • High level of satisfaction an obstacle to encouraging switching activity
                                                                                                                                                              • Current Account Activity

                                                                                                                                                                  • 1 in 10 have opened a new account out of choice
                                                                                                                                                                    • Figure 39: Actions relating to current accounts taken in the last 12 months, NI and RoI, 2023
                                                                                                                                                                • Attitudes Towards Current Accounts

                                                                                                                                                                    • Strong consensus that free banking should be available
                                                                                                                                                                      • Figure 40: Agreement with statements relating to current accounts, NI and RoI, 2023
                                                                                                                                                                    • Younger consumers least inclined to support free banking option
                                                                                                                                                                      • Figure 41: Agreement that current account providers should always offer a free current account option, by age, NI and RoI, 2023
                                                                                                                                                                    • Most consumers trust their bank and respect their recommendations
                                                                                                                                                                      • Older consumers most likely to value access to branch
                                                                                                                                                                        • Figure 42: Agreement with statement ‘I feel a physical bank branch is essential’, by age and location, NI and RoI, 2023
                                                                                                                                                                      • Consumers evenly split over whether would use online-only bank
                                                                                                                                                                        • Figure 43: Agreement with statement ‘I would be interested in an online-only bank’, by age and gender, NI and RoI, 2023
                                                                                                                                                                    • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                                                      • Data sources
                                                                                                                                                                        • Generational cohort definitions
                                                                                                                                                                          • Abbreviations

                                                                                                                                                                          About the report

                                                                                                                                                                          This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

                                                                                                                                                                          Market

                                                                                                                                                                          Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

                                                                                                                                                                          Consumer

                                                                                                                                                                          Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

                                                                                                                                                                          Brand/Company

                                                                                                                                                                          Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

                                                                                                                                                                          Data

                                                                                                                                                                          Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

                                                                                                                                                                          *databooks not available with UK B2B Industry reports.

                                                                                                                                                                          Below is a sample report, understand what you are buying.

                                                                                                                                                                          Click to show report
                                                                                                                                                                          2024 Sample Consumer Cover

                                                                                                                                                                          Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

                                                                                                                                                                          Trusted by companies. Big and small.

                                                                                                                                                                          Want to speak to us directly?

                                                                                                                                                                          Contact us with your enquiry and our expert global team can help.

                                                                                                                                                                          Get in touch