Market Insights Financial Banking Traditional Banks

Traditional Retail Banking - Ireland

Ireland

In Ireland, the Traditional Retail Banking market market is expected to witness a significant increase in Net Interest Income, reaching a projected value of US$2.05bn in 2024.
This growth is further anticipated to continue at a compound annual growth rate (CAGR) of -7.98% from 2024 to 2028, resulting in a market volume of US$1.47bn by the end of the forecast period.
It is worth noting that in terms of global comparison, in China is expected to generate the highest Net Interest Income in 2024, with a staggering amount of US$2,941.0bn.
In Ireland, traditional retail banking is facing increasing competition from digital banks and fintech startups.

Key regions: Singapore, Germany, India, Japan, South Korea

Definition:
Traditional retail banking refers to the financial services sector that provides a range of financial products and services to individual consumers through store-based branches and other traditional channels. These services include personal loans, savings and checking accounts, credit cards, mortgages, and other financial products designed specifically for individual consumers.
Traditional retail banks have a long history of serving customers and have established relationships and a deep understanding of the financial needs of their communities. They offer a wide range of services and are able to provide personalized advice and support to their customers.
Despite facing increased competition and changing customer preferences, traditional retail banks continue to play a vital role in the financial landscape. They are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services.
Overall, traditional retail banking provides a wide range of financial services to individual consumers through established, trusted channels and continues to be an important part of the financial landscape.

Structure:
The market data comprises Net Interest Income, the value of Deposits, the value of Loans, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Additional information:
The Banking market is highly competitive and characterized by the presence of large global players as well as regional and local banks. Banks are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services. Additionally, changes in regulations and the growing trend toward digitalization are shaping the retail and commercial banking market, creating opportunities for new entrants, and forcing existing players to adapt.

Key players in this market are companies such as Industrial and Commercial Bank of China Ltd., Bank of America Corp., and BNP Paribas.

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Analyst Opinion

Ireland, known for its strong economy and vibrant culture, has a Traditional Retail Banking market that is currently experiencing notable trends and developments.

Customer preferences: In Ireland, customers are increasingly seeking convenience and efficiency in their banking services. This has led to a growing demand for digital banking solutions that offer flexibility and accessibility. Mobile banking apps and online platforms are becoming increasingly popular among tech-savvy consumers who prefer to manage their finances on the go.

Trends in the market: One significant trend in the Traditional Retail Banking market in Ireland is the shift towards branch consolidation and digital transformation. Many banks are streamlining their physical branch networks in response to changing customer behavior and preferences. This trend is driven by the increasing adoption of online and mobile banking services, leading to a reduced need for traditional brick-and-mortar branches.

Local special circumstances: Ireland's banking sector has been influenced by unique local circumstances, such as the aftermath of the financial crisis and the subsequent restructuring of the banking industry. The country's regulatory environment has also played a role in shaping the Traditional Retail Banking market, with stringent regulations aimed at ensuring financial stability and consumer protection.

Underlying macroeconomic factors: The development of the Traditional Retail Banking market in Ireland is also influenced by broader macroeconomic factors, including economic growth, interest rates, and demographic changes. As the Irish economy continues to expand, with increasing disposable incomes and consumer spending, the demand for banking services is expected to grow. Additionally, demographic shifts, such as an aging population and changing consumer preferences among younger generations, are likely to impact the evolution of the banking sector in Ireland.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the IMF, World Bank and the annual reports of the top 1000 Banks by asset size. Next we use relevant key market indicators and data from country-specific associations such as GDP, deposit interest rates, lending interest rates or bank account penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast financial services for digital as well as traditional products and services.

Additional Notes:

The market is updated twice per year in case market dynamics change.