The most recent report from the Irish Banking Culture Board indicates that there is huge distrust of banks by farmers. The community was surveyed as a specific cohort for the first time and registered a stark -77 trust score, ranking much lower than both the general population and SMEs.
Marion Kelly, CEO of the IBCB, has commented that the findings point to an urgent need for the banking sector to engage with these customers, and that this would be a priority for the IBCB in the upcoming months.
The Irish Banking Culture Board was established to facilitate cultural change in banking in Ireland. Its 2022 éist report is based on the second survey of public trust in banking.
The overall trust score for the general population has increased by three points, compared to 2021, but it still remains low at -25. The trust score for the SME sector continues to trend in a positive direction standing at -7, an improvement of six points on last year.
Ms Kelly added that the current statistics “are a clear illustration of the extent of the challenge in changing banking culture in Ireland. Progress is being made but the process of cultural improvement will take time. The survey results point to concerns regarding the wider economy, cost of living pressures and issues around account switching due to the impending exit of Ulster Bank and KBC Bank Ireland from the Irish market.”
“Increased concerns regarding the risk of fraud are also evident. It is important that banks support their customers during the difficulties ahead, particularly in relation to those impacted by the need to change their banking relationships.”