In 2016, EY conducted a Global Consumer Banking Survey.
We interviewed 55,000 consumers across 32 countries on the role and expectation of retail banks with a view to assessing their ‘relevance’. In Ireland we conducted interviews with over 1,000 consumers. The resulting data and analysis has enabled a deep understanding of Irish customer preferences and their increasingly changing behaviors and the key trends in changing sentiments toward new and emerging competitors.
The results highlight that traditional banks in Ireland are under threat; their relevance and trust with consumers is waning. Consumers are searching for alternative service models and experiences and yet still express a need for some of the traditional bank experiences. Irish banks need to evolve their understanding of and approach to consumer relationships.
Here, we look specifically at the answers that Bank of Ireland customers gave, and what insights that can offer going forward.