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.
“Online banking platforms have gone from functional to insightful, with users now having access to intelligent insights that make the prospect of budgeting seem a little less overwhelming”
This is more pronounced for young adults, with 58% of those aged 24 and under saying their living expenses exceed their income. More than half (56%) of adults, meanwhile, say they operate on a paycheque-to-paycheque basis.
Do you track your monthly spending?
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.
Overall, 64% of adults would like additional support in managing their spending. More than one-third of adults (37%) said they would like this support to come from more digital support and insights from their bank. Meanwhile, 19% of banking customers would be open to AI-powered personal finance advice from their bank it if helped them to better manage their finances.
“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.
“Online banking platforms have gone from functional to insightful, with users now having access to intelligent insights that make the prospect of budgeting seem a little less overwhelming.
“We found that even those who are successfully managing their spending want more support in managing their budgets. It can help people to save for a mortgage, make future plans, or simply have more disposable income to spend on treating themselves or loved ones. A banking provider that can empower its customers to take more control of their finances can secure a more loyal customer base and make a real societal difference by helping people to cope in more challenging times.”
Main image at top: Martin Byrne, vice-president and country manager for EPAM Systems in Ireland