Over 60% of Irish customers have stayed with their main bank for over seven years, new research shows.
However, over 80% now engage with multiple banks – one of the highest in Europe.
The study carried out by Accenture surveyed over 49,000 individuals across 39 markets, including 1,000 respondents in Ireland.
The biennial Banking Consumer Study shows that in-person banking support is still important for Irish consumers.
Over 70% said they appreciate having branches in their local area, higher than other countries.
Meanwhile, 66% said they rely on branches to resolve complex or specific banking issues.
While most Irish consumers trust their bank to protect their personal data, over 80% said they’re concerned about how that data is used, especially given the rise of artificial intelligence.
Over 90% of those surveyed said data security, fraud protection and privacy are the most important factors for customers when choosing a bank.
However, customers are not opposed to AI, with more than half saying they would be open to using an AI-powered financial assistant to help manage everyday tasks.
“Our report highlights that the banks that focus on building trust and developing personal relationships with their customers stand to reap the rewards,” said Ray Daly, head of Accenture’s financial services business in Ireland.
“Customers trust banks to safeguard their data. As banks embrace gen AI, addressing concerns around privacy and security will be crucial to maintaining that trust.
“Just as important is demonstrating how AI can enhance – not replace – the human banking experience. It’s about shifting from artificial intelligence to trusted intelligence in the minds of customers,” he added.
