Revolut for payments, An Post for savings: how we might bank in the future
With large players exiting, ‘niche’ is where competition may lie in future
With Ulster Bank and now KBC Bank poised to leave the Irish market, how competitive will financial services be? File photograph: Nick Bradshaw
Just a few hours after KBC Bank’s announcement on Friday, talk began of the competitive lacuna that will be left in its wake if it is to proceed with its plans to depart the Irish market.
There is no doubt that the departure of not just one, but now most likely two, retail banks is likely to sound if not quite a death knell, then certainly a sharp knock, for competition in the sector. Already, Irish homeowners are paying the most for their mortgages and getting the lowest return on their savings. With even fewer banks set to compete amongst themselves in the future, it would be naive to expect any improvement on this front.