The state of Irish banking report

Irish banking has had a challenging few years. The exit of KBC and Ulster Bank from the sector has reduced competition and, as our research shows, this has been noticed by Irish people. Too many are unhappy with too many services, ranging from sending money overseas to opening an Irish banking account.

Competition has shaken up the sector. More than 70% of Irish people use an app-based banking service to manage their finances. This reflects a nation that is particularly tech-savvy and open-minded. At Wise, we’re thrilled that we have more than 100,000 customers based in Ireland.

However, Irish banks still have a legacy. They are highly trusted by Irish people, a reflection of long-standing relationships. These banks need to improve their services to keep pace with digital competition, but doing so across all fronts is a strategic impossibility. A company like Wise can devote more than 5,000 people and over a decade to solving international payments. Banks can’t do this. They have too many other priorities.

Instead, banks should look to collaborate with fintechs. At Wise, we offer Wise Platform, a partner offering for banks and big businesses. Today, it partners with some of the largest banks in the world - including Bank Mandiri, Shinhan Bank and Monzo.

Partnerships like this are vital for banks keen to give their customers the best possible experience. Banks that embrace them will thrive, those that don’t will face difficult questions.

To learn more about the state of the Irish banking sector, download our new report.