Neobanks: what are the reasons for their success?
Banks are experiencing a revolution. With the arrival of new players called neobanks, they must face new competition that is increasingly attracting savers.
The French are increasingly trusting neobanks . This situation is understandable. During Covid, branches were closed. Banking transactions were then carried out on the phone using banking apps. Online banks then emerged, such as Revolut, with more than five million customers in France, or three million for N26. Traditional banks have also joined the fray. The first of these is Boursorama Banque, which belongs to Société Générale and has a combined 7.2 million customers in France. Hello Bank, which belongs to BNP Paribas, has one million customers.
What makes these neobanks so successful: the fees, which are very low compared to traditional banks, which average €228.90 per year. But how do neobanks work? “First of all, there are no branches, very few staff. They therefore have very low fees. But simply, the money you leave in your account [...] is invested,” explained journalist Axel de Tarlé. Revolut earned nearly a billion euros in one year.
Watch the full report in the video above
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