Introduction
In many ways, 2021 has been one of the most significant years of
change in the Irish banking sector since the banking crisis in
2008. Both the retail and commercial sectors have seen significant
structural shifts as banks exit the market and fintechs rapidly
increase their customer bases and variety of offerings, and Brexit
continues to see an augmentation in personnel and expertise moving
to Dublin from London.
Retail Banking
The retail banking sector has seen a significant shift in the
last year, with a number of long-established banks leaving the
Irish market. Meanwhile, the remaining banks continue to pivot
their business models towards "online-first", to compete
with rising competition from fintechs.
