Retail Banking: Banking Services for Individual Customers

Retail Banking: Banking services for individual customers

The priorities that each individual has for their bank are different. Some important aspects which people focus on when they are choosing their bank are; the availability of low cost loans, favourable interest rates, banking fees, types of mortgage available, ease of access and general user friendliness. These are a few of the main aspects with which retail banks try to compete for business against each other. How people prioritise the different offers available to them will depend on a number of factors such demographics, earnings and other socioeconomic factors. Hence for the purposes of this paper four of Ireland’s retail banks will be examined from a third level students’ perspective. The banks chosen were, AIB, BOI, Permanent TSB and Ulster Bank. Having examined whether any of these banks fulfil the needs of a third level student a comparison will then follow between Irish and foreign retail banking. Finally a commentary on where the future of retail banking lies will follow.

A priority for many students looking to open a bank account in this country will be whether they can obtain student banking. Of the four banks that were studied three of them have student offers and are very keen to have a solid foot hold in this area of the market. The bank which doesn’t offer student banking is Permanent TSB. However it was thought that even though they do not have any specific student offers that they might be keen to have some business from this are of the market. However several phone calls were made asking if they could offer anything to students or graduates, but their answer was unanimously that one should try Bank of Ireland or AIB. The other three banks all offer competitive student offers. Hence once the banks which offer student banking are found, the next priorities for student are aspects such