I've toyed with the idea of switching banks also, although I can't say anything by way of complaint or dissatisfaction in my dealings with my current bank, so will probably stay put.
The one concern I would have with "new kids on the block" such as KBC is that at some stage in the future they could do a "Danske" or an "RBS" and pull out of Ireland, leaving customers high and dry and having to revert to one of the big "pillar" banks.
Hello,
Speaking as a former customer of Danske Bank (who paid fees for a "prestige account"), while I was terribly disappointed to see them leave (simply because I really liked their service, online banking etc.), it was ultimately quite easy to replace them as a Bank.
I moved to PTSB for the free current account banking. I believe in the old saying, "what you pay for, is what you get" and to a large extent I think this holds through with the PTSB. The Bank's online facilities are not as good as those previously offered by Danske. Likewise, I don't think the PTSB are great when it comes to anything other than providing basic banking services, with their range of services more limited than other Banks for example. However, that said, I pay no fees for my day to day banking.
Personally, I do not believe there is any value in customer loyalty anymore. In the old days, the local Bank Manager called the shots when it came to who got a loan etc. now decisions are made in central locations and usually by credit staff who have no contact with the customer. Likewise, I think recent years have proven that the Banks wil do what is good for them, not necessarily their customers - whether it is the opening or closing of rural branches, or the granting of loans, or even the calling in of loans previously granted.
In my view, banking is now simply about each of us trying to get the very best value we can, for the service we want. When our current provider fails to provide the level of customer service or charges we are satisfied with, we move on... just like with a telephone service, electricity supply etc.
KBC have been in Ireland for 40-years, [broken link removed] and while they are relatively new to the retail banking market here in Ireland (they have experience in other countries) and are following some of the steps previously taken by Hallifax or PostBank in times past, I think the fact that they stuck it out throughout the recent recession when other banks left is something to keep in mind.
Also, there is far less competition in retail banking these days, with only AIB, BoI, PTSB & UB competing with KBC for provision of the basic range of retail banking services. As such, they probably stand a better chance of getting a reasonable market share, then the likes of PostBank, Danske Bank, ACC Bank, Hallifax all did, when they were aggressively competing with AIB, BoI & Ulster for example.
If we want competition in the banking market, then I think we need to give the likes of KBC & PTSB a try !
Finally, just for the record, I have no vested interest in promoting any of the Banks mentioned
