Irish Adults Turn to Online Banking to Cope with Cost of Living

53% of Irish adults are now turning to their bank’s website and mobile app to access personal finance support tools to cope with the cost of living.

In a nationally representative survey of 1,005 adults in Ireland, carried out by Censuswide, EPAM has found that 53% of adults are now turning to their bank’s website and mobile app to access personal finance support tools to cope with the cost of living.

According to the research, nearly half (48%) of adults say they do not make enough money – either through salary or benefits – to cover their living expenses.

Increasingly, an industry-wide focus on user experience has seen banking providers introduce tools, which can be accessed via mobile app or online, that can help customers to track and gain insights into their spending, enabling them to budget more effectively.

EPAM’s research suggests that this could have a profound impact on those struggling to budget effectively – particularly for the significant proportion of people who do not track their spending. The company found that 21% of adults in Ireland rarely or never track their monthly spending and therefore don’t know how much they spend each month.

“Online and mobile banking is rapidly transforming as banking providers focus on user experience to stand out among their competitors,” said Martin Byrne, vice-president and country manager for EPAM Systems in Ireland.

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Learn how EPAM helps financial services companies keep pace with emerging technologies, rising customer expectations and ever-changing regulations: https://www.epam.com/industries/financial-services