Bite-Sized Insights: Parents Dread the Red Tape That Comes With Switching Banks

Both Ulster Bank and KBC are pulling out of the Irish market, so for this week’s bite-sized insights question, we asked parents about which banks they use for their main account and what would or would not motivate them to switch bank accounts. Take a quick read of this week’s bite-sized insights to find out what parents are saying about switching banks.

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Recommended reading: [INFOGRAPHIC] Parents Are Hungry for Family Finance Tips

We asked our Insights panel of parents to tell us who they bank with for their main account and here’s how they answered:

If you have recently switched bank or are considering switching, what is the main motivation for the move? If not switching, what makes you happy to stay with your current bank? Comments from our panel members included:

“Unfortunately I have to switch banks as Ulster Bank are leaving Ireland. I’m finding it all very stressful to find a new bank, I have just what I need with Ulster Bank and cannot find a good match elsewhere. The stress of changing details for wages, direct debits and standing orders are also hard work. I don’t think anything could motivate me to move banks again in the future.”

“I’m definitely not “happy” to stay with AIB, however I don’t live near any banks and my local post office is partnered with AIB, meaning I can do my banking through my post office so it works for me.”

“I’m not pushed about Bank of Ireland as Revolut is cheaper and more user-friendly, but I have to keep my BOI account as I couldn’t get my wages paid into my Revolut account.”

“I switched to Permanent TSB a couple of years ago because they have flat fees, so there are no surprises per transaction.”

“It’s not that I’m happy to stay with AIB, it’s just that I dread the red tape that goes with moving accounts.”

“I will be switching soon as I don’t want to wait for Ulster Bank to leave the market and move my account to a bank that may not be my choice. I have banked with them since my college days and am disappointed that they are bailing out of Ireland and leaving us with less choice in an already small market.”

Reflections for banks:

Several major banks have are closing/have closed in Ireland in recent times, meaning that even parents who would have been reluctant to change banks are having to do so. Now is the time to ramp up your marketing efforts to communicate to families the benefits of being with your bank.
Parents perceive switching banks to be a prohibitive hassle. How can you make the process easier?
When it comes to queries and finding out more about your offerings, there is an appetite for the personal touch and real people at the end of a phone. How good is your customer service when it comes to phoning the bank? How easy is it for people looking to switch to reach a person to talk to?