La Poste launches Ma French Bank, its mobile bank, in 2,000 offices on July 22

La Banque Postale hopes to attract one million customers by 2025 with its mobile offering, which can be subscribed directly from a smartphone or at a post office. It primarily targets 18-25 year olds, to rejuvenate its clientele. The postal subsidiary of La Poste has invested 100 million euros in the development of this new offering.

Is there still a place for a new mobile bank in the already flourishing NeoBank market? Despite its late arrival (and postponed several times), La Banque Postale is convinced and thinks it can make a difference with its 100% mobile Ma French Bank, presented in detail this Tuesday, May 14th. If the dedicated website is now accessible, the commercial launch is scheduled for July 22 in 2,000 post offices, after a deployment to the 200,000 employees of La Poste Group from June.

“We are launching a new bank that meets a real need. We are not alone, but our ambition is to democratize the digital bank, “says Rémy Weber, president of La Banque Postale.

More than 100 million euros have been invested in the computer and digital development of this new bank, whose head office is located in the heart of Plaform58, La Banque Postale’s startup incubator, located at 58 rue de la Victoire, in Paris (9th).

Price: 2 euros per month
Unlike Revolut (550,000 users in France), N26 (600,000 users in France) or Orange Bank (300,000 users), Ma French Bank does not rely on free to attract future customers. The offer will be marketed 2 euros per month. “There will be no additional charges on payments and withdrawals anywhere in the world,” says Alice Holzman, managing director of Ma French Bank.

“There is a price because a service is paid. Free and unprofitable models, it only lasts one time. We want to establish a relationship of transparency and trust with our customers, “insisted Remy Weber.

On the other hand, like the other mobile offers on the market, Ma French Bank focuses on the fluidity of the customer experience. It promises to open a checking account in less than 10 minutes, from a post office or directly via the dedicated mobile application. The account is linked to a Visa payment card with systematic authorization, that is to say without possible discovery. Since the same application, customers have access to a series of features that have become essential neobanks: monitoring transactions and real-time balance, blocking and unblocking the payment card, contactless payment with Apple Pay, ability to make transfers SMS or automatic categorization of expenses.

Customers will also be able to access a revolving line of credit. More original, they can feed sub-accounts by rounding or transfers via the functionality “My piggy bank” to finance their various projects. The application, which is expected to undergo major updates every six months, is expected to soon offer more credit and savings offers, as well as insurance products (a logical extension for the planned marriage, beginning 2020, between La Banque Postale and CNP Assurances) as well as an offer aimed at minors, as already proposed by Pixpay and Xaalys startups.

One million customers targeted in 2025 to achieve profitability
The focus is also on community services. The application integrates natively the crowdfunding platform KissKissBanBank, bought by La Banque Postale in June 2017. Customers will also be able to create completely free jackpots or use the “We share” feature for the common expenses related to a weekend between friends or a collective gift. What appeal to 18-35 year olds, the heart of this new offer.

“We are (La Banque Postale, editor’s note) a lack of customers in this segment and Ma French Bank will help us accelerate in this niche,” says Rémy Weber.

My French Bank has set a target of winning over one million customers by 2025.

“If we hold this goal we will have crossed the threshold of profitability,” says the boss of La Banque Postale

To reach this threshold, the new bank relies on its hybrid approach, combining digital and physical network. This strategy has been very successful in the Nickel Nobanque (BNP Paribas), which today boasts 1.2 million customers and a network of 4,800 partners, but less at Orange Bank which has only 300,000 users despite the support of its Orange shops. As soon as it is launched on July 22, the Ma French Bank offer will be offered in 2,000 post offices throughout France, including overseas. It will be sold by the commercial banks, but also and especially by the account managers found at the counter.

Training of 10,000 account managers
“At the commercial launch, 10,000 of them will have undergone dedicated training,” says Alice Holzman, CEO of Ma French Bank.

In the tricolor market, new entrants in the banking sector, whether online banks such as Boursorama or Fortuneo, or mobile banks such as Orange Bank and Nickel have made a real breakthrough. According to a survey of the French Prudential Supervisory Authority (ACPR, backed by the Banque de France) published last October, they have won 4.4 million customers cumulatively at the end of 2017. With their simple applications to use and their offers, they attracted 1.3 million customers during the year 2017, which represents 33.5% of customer conquests of the year.

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