Banking

Is now the time to switch to a neobank?

With KBC and Ulster Bank about to depart the Irish market, is this the right time for businesses to follow consumers and embrace digital banks?

KBC and Ulster Bank are about to depart the Irish market

The Department of Finance formally launched a public consultation in May on the retail banking sector in Ireland. The imminent withdrawal of KBC and Ulster Bank were cited as critical factors motivating such a review, but there was another market force driving the need to assess the situation: the rise of fintechs, alternative lenders and neobanks that have become the providers for customers in Ireland seeking a variety of essential banking services.

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