WEALTH October 19, 2026 0 Comments

Why Irish Firms Cling to Financial Services Despite a Deadly Innovation Drought — What It Means for the Future of Business

Isn’t it fascinating that Irish firms hold financial institutions in higher regard than any other European businesses? According to CRIF’s latest Banking on Banks report, a staggering 86% of Irish business decision-makers see financial services as the linchpin of the broader economy. Yet, while their appreciation runs deep, their patience wears thin over the sector’s sluggish innovation. It’s like loving the engine of your car but feeling stuck in the slow lane watching others zoom by. Rising borrowing costs and clunky paperwork aren’t just hurdles—they’re real roadblocks slowing their growth ambitions. What’s more, despite living in a digital age, 70% of these leaders crave the ease of accessing business financial services as effortlessly as their personal accounts—ideally through a slick app. Yet the gap between consumer-friendly banking and business services remains frustratingly wide. With 75% already embracing AI and over half willing to share their data for better, more tailored services, Irish firms are signaling they want a banking revolution—a smarter balance of cutting-edge tech and human savvy. So, can Ireland’s financial services sector innovate fast enough to keep its businesses thriving, or will outdated systems continue to hold things back? Let’s dive in and explore this compelling mix of admiration and dissatisfaction. LEARN MORE

Irish firms value financial institutions the most among businesses in European nations, according to CRIF‘s annual Banking on Banks report.

However, they are becoming increasingly frustrated by a lack of innovation in the financial services sector, and there are areas where Irish firms are the most dissatisfied with the sector.

Irish business decision-makers lead Europe in valuing financial services, with an overwhelming 86% viewing the sector as an essential backbone for the broader economy.

Furthermore, 70% believe financial service providers protect the economy during global crises, and 76% regard them as crucial partners for business growth.

Despite placing the highest value on financial services among all European markets, Irish firms are feeling the strain of cost pressures.

Six in 10 (60%) said rising borrowing costs are affecting their growth plans and 45% saying it is becoming harder for businesses like theirs to access finance.

As a result, exactly 70% of business decision-makers wish they could access financial services for their business like they do for their personal accounts, such as through an app, marking the highest dissatisfaction rate in Europe.

Key areas of dissatisfaction are; heavy paperwork burdens (67%), while 61% report that securing a business loan is significantly more complicated than applying for personal credit.

Some 63% of Irish firms noted that consumer banking is faster and simpler than business services, while 56% believe businesses are treated as a secondary priority.

Furthermore, 49% believe commercial banking receives less innovation than personal finance. Business leaders warn this service gap carries real consequences, with 52% stating that outdated banking actively slows their expansion.

“The message from Irish businesses is that while financial services remain highly valued, leaders are expecting greater innovation in the services they’re accessing,” said Giovanni Catinari, business development director at CRIF UK & Ireland.

“Increasingly, business leaders comparing their banking experience with the speed, simplicity and convenience they receive as consumers, and they expect the same standards from their business financial services.

“The opportunity for banks is to close that gap, by using technology and AI to make services faster and more relevant, while preserving the human expertise and accountability that businesses continue to value.”

Irish businesses are eager to embrace artificial intelligence, with 75% already deploying AI within their business and 55% saying they would willingly share data with AI services from financial institutions if it meant being offered more relevant products and services, representing the highest rate in Europe.

Although there is a strong appetite to embrace AI, Irish business leaders continue to demand strong human accountability, with nearly eight in 10 (78%) insisting that AI-driven decisions must retain human oversight.

Financial Services — Irish business decision-makers lead Europe in valuing financial services, with an overwhelming 86% viewing the sector as an essential backbone for the broader economy.

Irish business leaders want to see banks and other financial providers close the service gap between the quality of consumer and business services.

When asked what the top deciding factors when choosing a primary banking partner, Irish firms identified in-person support (27%), digital services (26%), specialised sector knowledge (23%) and fraud and cyber protection (23%) as the leading priorities.