Current Accounts-Ireland-August 2019: Banks Face Stiff Competition from Non-Financial Businesses

Published: Mon Sep 09 2019

Currently, Irish banking customers have a slew of ways to pay including Fitbit, Google and Garmin pay that work by linking up a device with a debit or credit card offered by the current account provider. Accordingly, a few of the banks such as Ulster Bank and N26 have jumped on the bandwagon. KBC has continued to focus on compatibility as it allows customers to link up with the four payment methods. These insights are according to the intelligence report, titled, "Current Accounts—Ireland—August 2019," which has been freshly added to Market Research Hub’s (MRH) exponential repository. Visa debit card with contactless payments and cash rewards have been trending in Ireland amid soaring current account fees and charges across the board in RoI. While switching activity has been infrequent, there has been a dramatic change with respect to the way consumers interact with their current account. Besides, mobile banking and online channel have been highly sought-after among consumers.

Even though job creation is expected to trudge in NI, RoI will witness a substantial growth. Moreover, charges will potentially discourage multiple account ownership in RoI. Meanwhile, digital strategy of Irish banks has had little success in the current account market. Nonetheless, banks in Ireland are expected to face stiff competition from non-financial businesses in the ensuing period. While AIB has acquired Payzone in joint ventures with First Data, Starling Bank has confirmed roll out of RoI subsidiary. Further, permanent TSB is increasingly investing in digital banking project that will aid in bolstering customer relationship management.

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Current Accounts—Ireland—August 2019: Report Synopsis

Quantitative and qualitative assessment exhort intelligence and overarching report on the current accounts—Ireland—August 2019 market. Further, the report thoroughly delineates various aspects of the market that will potentially have considerable influence on the development of the current accounts—Ireland—August 2019 market. As such, those aspects incorporate drivers, trends, restraints, and opportunities. Furthermore, the report elucidates segregation of the market that provides an exhaustive analysis on current accounts—Ireland—August 2019.

An insightful and deep-dive assessment of the competitive assessment of the current accounts—Ireland—August 2019 market pins hope on Porters’ Five Force Analysis. Accordingly, the Porters’ Five Force Analysis offers a pressing analysis on the potential strategies of the preeminent players in the current accounts—Ireland—August 2019 market. In addition, the business strategies counts on company overview, product portfolio, SWOT analysis, key differentiation and recent development.

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Current Accounts—Ireland—August 2019: Research Methodology

Primary sources and secondary sources propel intelligence report on current accounts—Ireland—August 2019 market that provide deep dive analysis on the market. As such, the report provides reliable and unbiased projections, and assessments which have palpable impact on the market size and historical data. Besides, the report also counts on primary sources which hinges upon in-depth and intelligent analysis from well-grounded and reliable experts, telephonic interview, and a thorough assessment from surveys and seasoned analyst. Report on current accounts—Ireland—August 2019 market further acknowledges secondary sources—namely—Factiva, EC filing, press release, trade journals, resourceful database and governmental websites.

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