Carrefour Banque is discontinuing C-Zam, its self-service current account service launched in 2017. Customers have until July 15 to switch banks.
An insufficient number of open accounts
After 3 years in business, C-Zam has failed to meet the targets the group had set itself. In fact, according to the latest official figures from the end of 2018, Carrefour Banque's offering has attracted just 120,000 users, without ever reaching the 2 million customers expected by 2022. By way of comparison, Nickel, which invented the concept in 2012, had 1.6 million open accounts at the end of March.
The idea of an account without a bank wasn't such a bad one, given the success of Nickel, certain neobanks that have recently appeared on the French market (N26) and several online banks (Ma French Bank, Orange Bank). However, the unreachable customer service provided by the retail group's financial services subsidiary, the sometimes slow mobile application and the lack of training for cashiers have finally wearied consumers: almost a third of the boxes purchased have reportedly never been activated. Carrefour tried to rectify the situation by calling on Webhelp, a specialist in outsourcing customer relationship management and business processes, but too late.
C-Zam accounts closed on July 15
Customers have until July 15, 2020 to close their account, even if the C-Zam offer is already discontinued. As of this date, users will no longer be able to carry out payment transactions with the C-Zam card, or make transfers or direct debits from their Customer Area.
Carrefour Banque is not leaving its customers without a solution, since it will be possible toopen an account with its partner Nickel. The bank, which relies on a network of tobacconists, is offering former C-Zam customers an exclusive deal: reimbursement of their annual fee for any account opened between now and June 30 (i.e. 20 euros). As a reminder, Nickel offers a current account, a MasterCard payment card with systematic authorization and no overdraft authorization, and a French RIB. The service is available to all, including those with no bank account.
The announcement comes after 2 months of confinement
Carrefour's announcement comes after 2 months of confinement, a difficult period for neobanks, which earn their income mainly from commissions charged on bankcard payment transactions. In March and April, the number of such transactions fell sharply.
Like Carrefour Banque, Nickel has been affected by the health crisis, with transactions down by an average of 25% and account openings down by 50%.