Ireland's financial sector needs to make business banking easier, says report

Lack of innovation blamed for stifling business growth, says CRIF survey

Some 70% of Irish business decision makers surveyed wish they could access business banking as easily as personal accounts, such as through an app. Picture: Alamy/PA.

More than half of Irish business leaders believe that a lack of innovation in Ireland's financial services is stifling their business growth, according to a new report. 

The CRIF's annual Banking on Banks report also found that Irish business decision makers lead Europe in valuing financial services, with an overwhelming 86% viewing the sector as an essential backbone for the broader economy. But 70% of Irish business decision makers surveyed wish they could access business banking as easily as personal accounts, such as through an app, marking the highest dissatisfaction rate in Europe.

“The message from Irish businesses is that while financial services remain highly valued, leaders are expecting greater innovation in the services they’re accessing," said CRIF's Giovanni Catinari.  “The message from Irish businesses is that while financial services remain highly valued, leaders are expecting greater innovation in the services they’re accessing.

“Increasingly, business leaders comparing their banking experience with the speed, simplicity and convenience they receive as consumers, and they expect the same standards from their business financial services.

“The opportunity for banks is to close that gap, by using technology and AI to make services faster and more relevant, while preserving the human expertise and accountability that businesses continue to value.”

Business leaders said service gaps carry real consequences, with 52% stating that outdated banking actively slows their expansion. Some 60% of Irish business respondents said rising borrowing costs are affecting their growth plans and 45% saying it is becoming harder for businesses like theirs to access finance. Key areas of dissatisfaction are; heavy paperwork burdens (67%), while 61% report that securing a business loan is significantly more complicated than applying for personal credit.

The report found a strong appetite to embrace AI, but Irish business leaders continue to demand strong human accountability, with nearly eight in 10 businesses (78%) insisting that AI-driven decisions must retain human oversight.

When asked what the top deciding factors when choosing a primary banking partner, Irish firms identified in-person support (27%, digital services (26%), specialised sector knowledge (23%), and fraud and cyber protection (23%) as the leading priorities. 

CRIF provides credit and compliance data on businesses and individuals.