A new survey by Peopl Insurance, the nationwide provider of home and life insurance, has found that 64% of people aged between 18-24 prefer to bank online, while just 29% of those over 55 feel the same way. The survey conducted by IReach on 1,000 adults nationwide found that double the number of men (10%) to women (5%) already bank solely online.

The survey comes in the wake of recent notices to Ulster Bank and KBC customers alerting them of the timeframe in which they have to switch their accounts to a new bank before each provider withdraws from the retail banking sector in Ireland. More than 8 in 10 people (82%) say bank closures around the country will have a detrimental effect on customers and communities, while 4 in 10 intend to switch their banking provider if their local branch closes. 
 
Commenting on the research, CEO of Peopl.ie, Paul Walsh said, "Dwindling public services in rural areas have caused concern for these communities who have been at the coalface of cuts, most recently with the post office closures, for years. The tipping point between online and branch-based business has been reached, and closures of banks and other institutions are unfortunately becoming an increasing reality. Obviously, this has a disproportionate effect on older customers, who, with mobility or transport issues cannot easily access a branch in the next large town, or who may not be digitally literate enough to navigate online banking with confidence. However, the survey highlights that it’s not just rural communities that are affected – urban areas too feel the pinch in terms of both job losses and banking services."

Source: www.businessworld.ie