The growing number of online and mobile banking users has led to the establishment of a new bank model: digital banks. Digital banks are financial technology firms offering various services still found in traditional banks, just online and accessible via a digital device. As part of this new banking structure, neo-banks are imposing their model in France and attracting more and more attention. In 2019, Boursorama Bank was the leading French online bank by number of users and the berliner neo-bank N26 led in terms of number of customers.
Users report that digital banking services are quite useful regarding bank operations such as viewing general account information, sending payments and blocking a bank card in the event of theft or loss. The efficiency of mobile and online banking when it comes to these types of common banking operations contributes to make digital banking services an integral part of French people's everyday lives.
These types of services, allowing remote access which could only be achieved before by going to the bank, accessibility and affordability, are most appreciated by French customers. In addition, since the beginning of the coronavirus crisis (COVID-19), people in France have been forced to change their consumption habits, notably by giving priority to digital services. As a result, digital banks could have an advantage over traditional financial institutions. Offering mainly digital services, neobanks and online banks indeed seem to be the best protected in the face of the health crisis.
The importance of banking applications in the daily lives of the French does not seem set to diminish: with the crisis, about a third of the French population said they had been encouraged to consult their mobile application more often.