4. Online banking

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Online banking. Source: Irish Bankers Federation/Irish Payment Services Organisation, quarterly report, April 2009. Sample of 11 financial institutions

Online banking has reached critical mass in Ireland, with more consumers realising the benefits of its convenience and value for money.

A typical online customer accessed his or her account 56 times last year and made a transaction – either to make a payment in Ireland or abroad or to top up a mobile phone – 14 times a year.

The banks had 2.2 million customers on their online books in 2008, a 28% annual increase, and transactions are showing healthy growth levels.

The number of times online accounts were accessed was up by a third to 123 million, while transaction activity showed similar levels of buoyancy, resulting in 31 million payments in the year. Most online payment activity was concentrated on making payments within Ireland.

But there was also growth in online mobile top ups through the banking network – the 1.2 million top ups in the final quarter of 2008 represents a doubling from the first quarter of 2007.

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