Called the "Affinity advisor", BNP Paribas' new service is available on a fee-paying basis and is aimed primarily at wealthy customers and the elderly who want to delegate the day-to-day management of their account. For full details.
Half of French people willing to pay for a meeting with their banker
For several months now, the banking group has been testing in France a new service usually offered in the world of wealth management: fee-based access to personal banking advisors. This concept already exists in the UK, and is designed to offer customers a more qualitative service in a difficult economic climate marked by low interest rates and competitive pressure.
In the same way that they pay for a medical consultation, almost 40% of French people say they are willing, certainly or probably, to pay to make an appointment with their bank advisor provided that the account and bank card remain entirely free, reveals a 2019 survey by Deloitte. BNP Paribas wanted to experiment with this new way of charging for banking services.
Banking advisors available and more specialized
The bank wants to provide its customers who are looking for greater support and expertise to optimize the management of their savings or the protection of their families, with available and more specialized banking advisors. These advisors, christened "Affinité", would be responsible for managing the day-to-day operations of a reduced number of portfolio customers. The service is available as apaid subscription, at a cost of 12 euros, and would generate 144 euros in additional annual income for each customer, the bank says.
For BNP Paribas, the benefits of this offer are clear: to increase revenues, which are currently under pressure due to low interest rates and a framework for bank fees and commissions. For their part, savers can keep the same contact person over the long term. They can rest assured that their dedicated advisor will be less subject to turnover.
A new approach in France
BNP Paribas is the first bank to offer such a service in France, although earlier this year, the Caisses d'Épargne considered testing the status of " auto-entrepreneur banker " in two regions.
The banking group points out that this service is also a way of standing out from the many competing free or low-cost banking offers available on the Internet or in tobacconists' shops. In particular, traditional banks have to prove themselves when it comes to supporting customers in difficult situations. It is by making progress in this area that they will be able to improve what remains their weak point: recommendation. The Covid-19 pandemic and the related economic crisis provide them with just such an opportunity.