Bank staff disadvantaged compared with those working in global big tech and fintech via IrishTimesBiz
Ireland needs a profitable retail banking sector that can fulfil its core mission of providing a wide breadth of credit, deposit and payments services to customers and society, an increasingly unique feature of the retail banks in the midst of fragmentation of the financial services market here.
But the retail banking sector is undergoing a period of unprecedented disruption, with accelerated digitalisation, changing customer trends and increasing competition from fintech and non-bank competitors who have entered select segments of the banking market.
Research shows that Irish retail banks have been reorienting their business models and strategically investing to transform their businesses while managing their costs. They have collectively spent over €3 billion in the past five years on technology and innovation in response to a rapidly changing market environment and increasing regulatory demands.
Yet, banks in Ireland have one of the highest capital requirements, face the most stringent corporate governance and consumer-protection rules, and the most restrictive renumeration framework. A more level playing pitch would be in order, if Ireland is to create a stronger banking environment. Some issues in particular warrant discussion.
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