As a pioneer in the online banking arena, BforBank is ushering in a new chapter in its history. This Crédit Agricole Group subsidiary is undergoing a transformation and introducing a groundbreaking value proposition. In an ever-digitizing world where customer expectations continually evolve, BforBank has made a bold move by putting human interaction at the core of its offering. BforBank is pioneering a new breed of digital banking, one that emphasizes relationships. With this positioning, it aims to become a European market leader by 2030.
Balancing human and digital: Are banks losing touch with customers?
A fresh vision of online banking
For BforBank, the outlook is clear: the bank of the future will be characterized by its human touch and emphasis on relationships. Placing humans at the center means not only listening to customer needs but also offering a more personalized and accessible online banking experience for all, anytime, anywhere. An Ipsos study further underscores this point, revealing that 63% of French citizens express a desire for more services related to their interactions with their financial advisor (such as welcome calls, annual financial check-ups, and round-the-clock customer service via all channels).
The Crédit Agricole Group, fully aligned with this vision, has decided to empower its online bank to undergo a profound transformation through this new positioning.
Olivier Gavalda, Deputy CEO of Crédit Agricole S.A. in charge of Universal Banking, states: "BforBank represents a significant digital conquest lever for Crédit Agricole in France and Europe. We are convinced of the relevance of this new offering, where the central relational aspect aligns with our mission: to act every day in the best interest of our customers and society."
The best of digital, plus a human touch
BforBank's goal is to guide its clients towards financial well-being, which means enabling them to effectively manage their finances, feel in control, and maintain a balance between income, expenses, savings, and investments.
That's why BforBank is launching a new offering co-created with its customers through the BforBank insight community, a community of 500 testers. Accessible to all new customers, with no income requirements or commitments, BforBank is introducing two offerings at launch: BforBASIC, which is free, and BforZEN, priced at €4 per month. These offerings include essential daily banking features such as free instant transfers, real-time transactions, and secure virtual cards. In addition, BforZEN customers will receive an annual check-up with an advisor, additional insurance and assistance services, and fee-free payments outside the Eurozone.
BforBank places listening at the core of its approach. It is introducing a customer service accessible by phone 24/7. BforBank advisors can also be reached through the app, via chat, and on social media.
These offerings come with an entirely new mobile application built on cutting-edge technology to enhance BforBank's agility. This is just the beginning; thanks to constant customer feedback and technological advancements, BforBank will continuously add new features and banking products expected by its clients.
In the first half of 2024, BforBank's banking offering will expand to include new savings products (regulated savings accounts, stock market investments, life insurance, etc.). Historical customers will have access to the new offering in 2024.
"This repositioning is ambitious: we aim to offer the best of both digital and human aspects to our clients. To achieve this, we have several strengths that will set us apart in the market: we are real bankers, part of the largest French banking group. We have a technological foundation that will make our offering agile and adaptable. This combination will be enhanced by close relationships with advisors. Thus, our clients will be independent but never alone," explains Jean-Bernard Mas, CEO of BforBank.