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Home > Business/Finance > Financial Services > Electronic Transactions
Online Banking - Ireland
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In its early days, the Internet was heralded as the future of business, and so followed a multitude of dot.com companies, eager to tap into this new phenomenon. Consumers were promised that they could perform most, if not all, of their everyday functions online, as supermarkets, clothing retailers and electrical retailers all invested in setting up an online presence. It was soon to follow then, that given the mundane and tiresome nature of some banking transactions, such as queuing in a busy branch to apply for a credit card, the Internet seemed perfectly suited to take the hassle out of banking. Therefore it was in 1999 that Bank of Ireland became one of the first Irish banks to offer online banking through its F-Sharp subsidiary.
Optimism and expectations surrounding the impact of online banking were quite high; a report from Cap Gemini Ernst & Young in 2001 claimed that banks expected as little as 60% of business to be conducted at branches by 2004. With the benefit of hindsight and the burst bubble of the dot.com era, the outlook for e-commerce has been revised considerably. The scale-down in expectation has been mostly attributable to the consumer, as a number of barriers, including security fears, technophobia and a general preference for traditional branch banking, have hindered the development of online banking.
This report aims to explore the barriers preventing increased uptake of online banking in Ireland, both North and South, while also exploring the reasons why some consumers have moved to manage their personal finances online. A key part of the report focuses on exclusive consumer research commissioned by Mintel in order to investigate consumer attitudes towards online banking.
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