Top Rated Report: Current Accounts - Ireland - December 2013 : Now at Market-Research-Reports.biz

Posted by Abhishek Budholiya on 3:19 AM with No comments
The current account market, in particular that of RoI, suffers from a lack of competition, with Irish consumers recognising this. Reluctance to switch current account providers may have more to do with the inconvenience of the process rather than brand loyalty. Moving forward, new legislation to make account switching easier could help lead to a more dynamic and competitive market.

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TABLE OF CONTENT

Introduction
Key themes in the report
Data Sources
Definitions
Abbreviations

Executive Summary
The Market
Current account ownership nearing saturation
Figure 1: Number of current accounts owned, NI and RoI, November 2013
Market factors
Tentative recovery underway within Irish economies
Figure 2: GDP annual percentage growth, UK, NI and RoI, 2008-16

Issues in the Market
What is the penetration level within the current account sector in Ireland?
What companies are the main current account providers in Ireland?
What benefits and features do current account holders enjoy?

Trend Application
Trend: Make it Mine
Trend: Access All Areas
Mintel futures: Brand Intervention

Market Overview
Key points
Light at the end of the tunnel for Irish economies
Figure 8: GDP annual percentage growth, UK, NI and RoI, 2008-15
Unemployment down slightly – but still cause for concern
Figure 9: Unemployment (%) levels, RoI and NI, 2010-13

Strengths and Weaknesses
Strengths
Weaknesses

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Account Ownership and Market Share
Key points
Only small minority do not have a current account
Figure 23: Number of current accounts owned, NI and RoI, November 2013
Over a third have more than one current account

Channels to Market
Key points
Majority open current accounts direct, face-to-face with provider
Figure 29: Channel of purchase, current account, EU27, RoI and UK (incl NI), April 2012
Even in internet age, consumers not turning backs on branch banking

The Consumer – Current Account Benefits
Key points
Banking app most common benefit with current accounts
Figure 32: Benefits and features included in consumers\' main current accounts, RoI and NI, November 2013
NI consumers far more likely to have benefits included with current account

The Consumer – Switching
Key points
Switching activity far higher among NI than RoI consumers
Figure 36: When consumers last switched their main current account, NI and RoI, November 2013
Recent switching activity in NI – but not in RoI

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