Innovation is part of the banks’ DNA

Bank digitisation is nothing new (the first websites are more than 15 years old and mobile applications date back nearly 10 years), but its pace is increasing rapidly.

All of the banks’ strategic plans place digital technologies and the digital transformation front and centre.
Digital technology accelerated changes in how the banks’ clients use their services. The results of the 2016 BVA image survey of banks demonstrated this:

79% of French people surveyed check their accounts online, 67% makes online payments and 63% make online transfers, 49% are willing to sign up for products online.

There is a real correlation between developing digital solutions and the local branch relationship model. In fact, according to this study: 70% of French people were satisfied with their advisor, for 56% the “ideal banking model” was based on a dedicated advisor that monitored them personally,and 54% said that the development of digital banking services allowed them to visit their branch less frequently.
As such, digital technology strengthens the traditional cornerstones of the French banking model: local roots, service and security.

Banks and Fintech companies

The number of players in the Fintech sector grew significantly in the last 18 months. The French ecosystem is robust. The collaboration between banks and Fintech companies is critical, because banks play a major role in developing the ecosystem of digital finance

in France. They support the development of Fintech companies by financing them, using the services they develop and even acquiring them if necessary.

The major banking groups have, for the most part, established permanent entities for collaborating with startups: incubators, innovation hubs, etc. These partnerships improve the entire financial industry and open up new opportunities that will benefit clients.

Simple, secure innovation

The national committee on non-cash payments (CNPS) was established in April 2016 to coordinate the adoption of the national payment method strategy. FBF serves as its vice-Chairman and actively contributes to discussions and proposals regarding point of sale (POS) payments, remote payments, promoting innovation, etc.

In terms of equipment, more than 63% of bank cards in circulation are contactless-enabled, and more than 500,000 retailers accept this form of payment.

Banks are committed to developing innovative, secure and efficient payment methods that meet users’ needs.

As such, four years after its launch, contactless payment is an increasingly widespread practice among French residents.

Progress in 2016 has been very good. 605 million contactless payments were made (+158% compared to 2015) for a total of €6.2 billion (+150% compared to 2015).

In terms of equipment, more than 63% of bank cards in circulation are contactless-enabled, and more than 500,000 retailers accept this form of payment.