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Is now the time to switch to a neobank?

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With KBC and Ulster Bank about to depart the Irish market, is this the right time for businesses to follow consumers and embrace digital banks?

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The Department of Finance formally launched a public consultation in May on the retail banking sector in Ireland. The imminent withdrawal of KBC and Ulster Bank were cited as critical factors motivating such a review, but there was another market force driving the need to assess the situation: the rise of fintechs, alternative lenders and neobanks that have become the providers for customers in Ireland seeking a variety of essential banking services.

 

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