NEOBANKING TRENDS

Neobanking is the term used for a digital-only bank account, such as Revolut. According to a recent survey of 1,200 internet users in Ireland by Finder, 22% of respondents currently have a neobank account, down from 25% in 2021. However, Finder says an additional 6% of Irish adults plan to open an account by 2023 and a further 6% by 2027.

Finder’s global fintech editor Elizabeth Barry says neobanking adoption in Ireland is still higher than it was pre-pandemic. “Back in early 2020, 15% of Irish adults had a digital-only bank account. Adoption grew rapidly to 25% over 2021 and while there has been a slight drop since then it’s possible we’ll see adoption grow again over the next few years.”

Barry adds that men and young adults are driving adoption. “In terms of age, those aged 25-33 are most likely to hold an account at 34%, compared to just 17% of those aged 55-64 and 12% of those 65 and above.”

Finder conducted the survey across 14 markets to reveal neobanking adoption in Ireland is ahead of other European markets, including Portugal (14%) and Spain (17%). Of the countries included in the study Brazil (43%) and India (26%) have the highest percentage of adults with neobank accounts.