**In France, as in Europe, the arrival of FinTech on the banking landscape is changing the way the French manage their money and the relationship they have with their banks, and forcing traditional banks to diversify their offerings and services.
Anytime/Ifop survey
1 in 3 French people have several accounts, and 66% of them use at least 2 banking establishments
To better understand these new paradigms and anticipate the needs and expectations of the French, Anytime, FinTech which offers individuals and professionals alike an online account as an alternative or complement to banks, conducted a survey alongside Ifop of 1,000 people, aged 18 and over.
The study reveals that almost 1 in 3 French people have more than 2 bank accounts (31%), and that 66% of them choose to host their accounts in different establishments.
59% of respondents believe that the trend towards multi-accounts will grow over the next few years, especially among aficionados of online services, 91% of whom think so.**
Study figures to remember:
- Nearly 1 in 3 French people have several bank accounts;
- 66% of multi-banked respondents choose to host their accounts at several banking establishments;
- 1 in 2 French people share an account with their spouse; Young people are less concerned: only 28% of those under 35 have a joint account, compared with 62% of those aged 65 and over;
- 47% of those who prefer online services have a joint account;
- 68% of respondents who have only one bank account have been with the same bank for 10 years or more, a figure that rises to 81% among French people aged 35 and over.
- 59% of respondents believe that the trend towards multi-accounts will grow, including 91% of those who favor online services.
The French don't all place their eggs with the same banker
Nearly 1 in 3 French people have several accounts (31% ), excluding joint accounts. The vast majority of French people with multiple bank accounts are self-employed (48%), company directors (49%) and executives and higher intellectual professions (40%). For these French people, multi-banking meets a number of expectations:
- greater flexibility in payment methods (30%)
- benefit from the various advantages offered by banks (29%)
- manage their company accounts or professional activities (11%)
66% of French people with several accounts choose to host them at different banking establishments.
"With the implementation of the Macron law, which promotes banking mobility, the multi-banking trend in France will become even more pronounced. By facilitating transactions between banking establishments, the market is energized and the French are much less deterred by administrative constraints. In the face of competition, players in the sector are obliged to come up with new offers and services to remain attractive", explains Damien Dupouy, founder of Anytime.
26% of multi-bankers prefer online services, including 46% of executives. While multi-banking concerns more men (72% vs. 59% of women), gender is not a divisive factor when it comes to subscribing to online banking services (28% of men, 23% of women).
"Historically, in the early 2000s, online banks developed by targeting CSP+ investors. They then broadened their offer to include credit cards attached to an account. The new trend among online banks is to broaden their target customer base by returning to classic banking offers consisting of an account and means of payment, and then to generate additional income through the sale of credit solutions. BNP's recent acquisition of Compte Nickel confirms this trend. Retailers are also following this trend, announcing that they intend to combine their credit offer with a nominative IBAN account", adds Damien Dupouy.
The joint account... divides the French!
Nearly 1 in 2 French people share an account with their partner (48%). While the joint account is favored by those aged 65 and over (62%), it is not popular with young people: only 28% of those under 35 have one.
Across all generations, 47% of those who open a joint account with their partner prefer banks offering online services. A banking operation that makes daily life easier: in fact, 56% of those with a joint account do so to optimize bill payment management (56%) and to gain visibility over household expenses (30%).
"We notice that couples each have their own bank, but for household expenses, they need a joint pot. If these profiles are happy to turn to online banks to set up a joint account, it's because the process is much less procedural and quicker than with physical banks, where both people have to travel to sort out the account opening arrangements. Another issue is the joint surety. At Anytime, overdrafting is not possible, nor is the issuing of chequebooks", adds Damien Dupouy.
The French expect multi-banking to accelerate
While 68% of respondents with a single current account have held it with the same bank for 10 years or more, this score is even higher among those aged 65 and over (86%), blue-collar workers (83%) and employees of public-sector companies (82%).
Despite this apparent solidity in the relationship with the bank, a clear majority of French people, whether single or multi-banked, believe that the number of people with several personal current accounts will increase over the next few years (59%).
Young people under 35 have a short-term relationship with their bank: 26% stay with the same bank for less than 5 years. 26% stay between 5 and 10 years, and 48% - less than half - keep their account(s) with the same bank for more than 10 years.
This is especially true of the 18-24 age group: 34% stay with the same bank for less than 5 years, and only 40% for more than 10 years.
"The arrival of FinTechs has shaken things up. By basing their business models on 100% digital issues, FinTechs offer an alternative and different user experience. It's this mobility, this ease of use, that appeals. Most of the new generations could soon have an account with a Fintech to manage their day-to-day money, and a second account with a traditional bank to take out a credit offer", concludes Damien Dupouy. concludes Damien Dupouy.
Methodology: The survey was conducted online, from February 22 to 23, 2017, among a sample of 1,000 people aged 18 and over. The representativeness of the sample was ensured by the quota method (gender, age, occupation of the individual) after stratification by region and conurbation. Detailed survey report available to the press on request from the Aressy PR agency.
Anytime is the neobank for businesses, professionals and independent individuals. Launched in 2014, it offers a 100% online current account, a simple and modern interface, advisors available by phone, all with simple pricing and no hidden fees. Registration is fast, completely paperless and allows customers to save time, control their account, better manage business expenses as well as personal expenses, and have tools for cashing (transfer, check, payment terminal, payment button..). Anytime raised €5M with Seventure (Prestashop, SumUp, IDNow, Mailjet, ChronoTruck,...)
About Ifop A forerunner in the opinion polling and marketing research market for over 75 years, Ifop is today one of the leaders in its sector. Structured around 6 areas of expertise (Opinion & Corporate Strategy, Consumer & Beauty, Services, Media & Digital, Health and Luxury), Ifop creates value for its customers by securing the quality of the information it gathers and by giving it meaning and perspective. We support them in defining and steering their corporate strategy, providing them with an operational and forward-looking vision that enables them to anticipate societal changes and market trends. It is also in this pioneering spirit that Ifop is developing cross-functional expertise with its InCapsule by Ifop entity and its Customer Relations, Major Surveys and Panels department. A company close to its customers, Ifop operates in some fifty countries around the world, from its three offices in Paris, Shanghai and Hong Kong: Paris, Shanghai and Hong Kong. It currently generates sales of 40 million euros and employs over 200 people. For further information: http://www.ifop.com - https://twitter.com/IfopOpinion - https://www.facebook.com/IfopElections/
Ifop Anne-Laure Marchal