Irish Businesses Value Financial Services More Than Any Other European Market, But Say Lack of Innovation is Stifling growth

According to CRIF’s “Banking on Banks” Report, 52% of Irish business leaders say a lack of innovation in financial services is stifling their business growth, while 70% want business banking to be as easy to access as personal banking

• 70% of Irish business decision makers wish they could access business banking as easily as personal accounts, vs 54% average across Europe.
• 86% of Irish businesses say financial services play an essential role in supporting Europe's economy, highest in Europe
• 75% of Irish business use AI, with 55% of Irish firms willing to share business data with AI, the highest in Europe,
• CRIF Comment: “The message from Irish businesses is that while trust in banks remains incredibly strong, that trust cannot be taken for granted. Businesses are increasingly 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”.

Irish businesses value financial institutions the most in Europe, but are becoming increasingly frustrated by lack of innovation in the financial services sector, according to CRIF’s annual Banking on Banks report.

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. Furthermore, 70% say financial service providers protect the economy during global crises, and 76% regard them as crucial partners for business growth.

The two-tier divide between Consumer and Business Banking

Despite placing the highest value on financial services of all European markets, Irish firms are feeling the strain of cost pressures, with 60% saying rising borrowing costs are affecting their growth plans and 45% saying it is becoming harder for businesses like theirs to access finance.

As a result, exactly 70% of business decision-makers wish they could access financial services for their business like they do for their personal accounts, such as through an app, marking the highest dissatisfaction rate in Europe.

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. 

This leaves Irish firms leading Europe in terms of dissatisfaction, with 63% noting that consumer banking is faster and simpler than business services, 56% believe businesses are treated as a secondary priority, and 49% say commercial banking receives less innovation than personal finance. 

Business leaders warn this service gap carries real consequences, with 52% stating that outdated banking actively slows their expansion.

An Appetite for AI

To break through these constraints, Irish businesses are exceptionally eager to embrace artificial intelligence. Three-quarters (75%) already deploy artificial intelligence within their business, and 55% would willingly share data with AI services from financial institutions if it meant being offered more relevant products and services, representing the highest rate in Europe. 

Although there is a strong appetite to embrace AI, Irish business leaders continue to demand strong human accountability, with nearly eight in ten businesses (78%) insisting that AI-driven decisions must retain human oversight.

According to Giovanni Catinari, Business Development Director - UK & Ireland at CRIF:

“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.”

Call for change

Irish business leaders want to see banks and other financial providers close the service gap between the quality of consumer and business services. 

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.