A new report reveals that high banking fees for basic services, like account maintenance and ATM withdrawals, are a significant source of frustration for three-quarters of Irish adults and there is a demand for low-cost fintech solutions.

Additionally, one in four feel that banking and international fee structures lack transparency.

The findings, from the second annual State of Irish Banking Report by Censuswide for the fintech company Wise, indicate a trend away from exclusively traditional banking. Only one in five people now rely solely on traditional banks—marking a 6% decrease from the previous year.

By contrast, slightly over a third of respondents now prefer app-based financial services exclusively, while 49% use a mix of traditional and digital options.

Beyond high fees, respondents highlighted other pain points with traditional banks, such as low interest rates, subpar customer service, costly and slow international transfers, and limited fee transparency.

“We’re at a turning point for banking and fintech in Ireland,” said Wise’s Chief Technology Officer, Harsh Sinha. “The 2024 report underscores how high costs and outdated systems are driving demand for financial providers that are faster, more competitive, and consumer-friendly.”

The report also notes a growing dissatisfaction among Irish customers with the cost of spending abroad. Wise, which specializes in international money transfers, found that 79% of participants want straightforward ways to send and spend money globally.

There was also a notable 12% year-on-year increase in the use of digital payment options among travelers.

The research highlights that innovation and competition are key concerns for consumers, with 61% citing speed as a primary benefit of digital payments. Over half of app-based users also rely on these services for everyday purchases.

“Our research reflects a demand for Irish banks to embrace fintech solutions and make managing money simpler,” said Roisin Levine, Head of UK & Europe Partnerships at Wise Platform. “This is not just about staying modern—it’s about creating a financial ecosystem that keeps pace with Europe’s technological advances,” she added.

“Both traditional banks and fintech companies have a vital role in providing the innovative services that consumers expect.”

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