Boursorama Banque ranked as the least expensive bank for 11 years (Credits: Adobe Stock)

According to a recent study by the ACPR, more than 4 million French are customers of an online bank. This banking model is reaching an increasingly large audience because of its strong commercial dynamism. Attracted by the attractiveness of the rates, the customers of these new players benefit in addition to many innovative services.

The Prudential Supervisory and Resolution Authority (ACPR) is not only the policeman of the insurance sector and the bank. It also conducts monthly analyzes on topics as diverse as exposure to climate risk insurers or housing finance. In an October publication (1), she analyzes the business models of the new banking players, online banks and neobanks and the challenges they are currently facing in a context of fierce competition in the sector.

A desire to reach a wide audience

The ACPR emphasizes that these banks of a new kind have used "new technologies to rebuild the relational model (via the Internet and then via mobile applications)" to establish alongside traditional banking networks. "If these new players were initially speaking to minority clients already banked and rather complementary to those of traditional networks, they are now reaching more and more the general public," said the study.

More than 4 million customers

At the end of 2017, nearly 4.4 million French people had made the choice to become customers of these online banks. The ACPR estimates that 3.1 million current accounts were opened with an online bank or a neo-bank. This represents 3.9% of the total current accounts in France, it being understood that "for joint accounts, several bank cards can be attached to the same account". The ACPR underlines the strong commercial dynamism of the online players who achieved "a third of customer success in 2017" (1.3 million individuals), which makes them "key players in the retail banking sector. La France ".

The tariff as an element of conquest

Another point analyzed in the ACPR study shows that online banks are particularly active in the race for innovation. They were among the first "to offer solutions for managing personal finances." When they are in the fold of established banking groups, they "can thus play the role of laboratory innovation and experimentation". While they had long relied on savings products to win over new customers, "today, business strategies rely on day-to-day banking services. Customers would indeed be more and more attentive to current charges (bank card, account maintenance fees, irregularity fees, etc.) ". Unsurprisingly, the study also highlights that the pricing policy adopted by online players is a "powerful factor of conquest" of customers.

The least expensive bank for 11 years (2)

Boursorama Banque perfectly illustrates the findings of this study. On pricing first, it displays the lowest rates for the 11th consecutive year (2). It has even been ranked the cheapest bank for young people in 2019 (3). Then, on innovation, Boursorama Banque works every day to render value to its customers. In addition to being able to open a bank account within minutes, to apply for a 100% online mortgage with immediate response (4), you can benefit from many online services, including the aggregation of your various accounts (including in other banks) (5), where coach savings offers solutions to optimize your savings. You can also find on the portal all the stock market news and investments to make your investment decisions independently. What are you waiting for to join us?

I open a Boursorama Banque account.

(1) French Prudential Control and Resolution Authority (ACPR), Analyzes and Summaries of October 2018, "Study on the business models of online banks and neobanks

(2) Boursorama Banque is ranked as the least expensive bank for 11 years!

2009 – Ranked the cheapest bank – Source Capital – June 2009

2010 – Ranked the cheapest bank ("online banking" sector) – Source Capital – February 2010

2011 – Ranked the least expensive bank tied – Source Le Monde Argent – February 2011

2012 – Classified as the cheapest bank – Source Le Point – April 2012

2013 – Ranked the cheapest bank – Source Le Monde – February 2013

2014 – Ranked the cheapest bank – Source Le Monde Argent / – February 2014

2015 – Ranked the cheapest bank – Source Le Monde / – January 2015

2016 – Classified as the cheapest bank – Source Le Monde / – January 2016

2017 – Ranked The cheapest bank – Source The Money World / – February 2017

2018 – Ranked The cheapest bank – Source The World Money / – February 2018

2019 – Ranked The cheapest bank – Source The Money World / – January 2019

(3) Study Le Monde / – January 2019. Ranked the cheapest bank respectively on the profile "Young active", and exequo on the profile "Young inactive" according to a survey conducted by Le Monde / published on 09/01/2019.
(4) Obtaining an immediate policy response followed by a definitive agreement after studying the file. Minimum loan amount set at 100,000 euros. Ten-day reflection period. Sale contingent upon obtaining the loan; failing this, the seller must refund the sums paid.
(5) Current accounts and certain wealth items (savings accounts, financial investments, etc.). List of eligible institutions available on the interface (or "on your Customer Area").