DUBLIN, Ireland–In a survey backed in part by credit unions, a majority of people in Ireland say they believe the exit of two banks from the country—KBC Bank and Ulster Bank-- will hurt them, and that many are considering joining a CU.
The poll was conducted by Amárach Research for Metamo, a joint venture between financial services firm Fexco and Ireland’s 16 largest credit unions, according to the Independent. It found 82% of consumers feel less competition in the banking sector is a bad thing.
A quarter of those surveyed are considering opening a credit union account, while 44% of people that have credit unions accounts plan to use them more, according to the Independent.
‘Vital & Trusted’
“Credit unions are a vital and trusted pillar of their communities, but many are challenged to bridge the gap to compete with other financial services institutions,” Alan Kelly, chief executive of Metamo, was quoted by the Independent as saying. “Unsurprisingly, the recent exit of retail banks is something that consumers are worried about. Credit unions have an opportunity to play a greater role in the banking ecosystem, however, they must innovate to meet consumer needs.”
Closures Set
Ulster Bank is set to close all its remaining branches in the Republic of Ireland on April 21, following Permanent TSB’s rebranding of 25 former Ulster Bank branches.
The day-to-day management of KBC Bank accounts transferred to Bank of Ireland last month. The lender is expected to close its main Dublin hub at the end of August, the Independent reported, adding that as of the end of February, there were almost 230,000 current accounts still open in Ulster Bank and KBC Bank, with more than 880,000 closed in the last year.
The Future of CUs
Meanwhile, a discussion on the future of credit unions is taking place at an event organized by Metamo, which will look at using technology to reduce the time it takes to apply for and be granted a loan, the Independent Reported.
“Metamo’s Quantum AI lending system can grant approvals in as little as three minutes, the organization claims, allowing borrowers to get loan approval remotely, by phone or in person,” the report stated.
Kelly told the Independent the new technology “will enable credit unions to compete with larger service providers such as banks, while retaining the personal element that is such a crucial component of the trust members have.”
Support from Government
In addition, Minister of State for Financial Services Jennifer Carroll McNeill said she wants to help credit unions “to compete, grow and thrive in what has become a fast-paced and highly competitive market,” according to the Independent.
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