My french Bank, the mobile bank of the Postal Bank is geared towards young people. In recent years, neo-banks have been developing and nothing seems to hinder their shopping. Indeed, the neo-bank system is experiencing a boom that is still confirmed in 2020. According to an INSEE study, there is a growth in account openings. Indeed, there is a 75% increase for new accounts opened and active on the personal market in 2019 (1). In addition, these online banks currently attract a target audience between the age of 18 and 45. Users are 28% in 18 and 30 years and 42% between 31 and 45 years. To continue their meteoric rise, the neo-banks are leaning towards a new target, the young. For example, the subsidiary of the Postal Bank, Ma French Bank, is launching a new service for 12/17 year olds.
The concept of neo-banks to conquer young people.
The concept of neo-bank is quite new and it refers to banks entirely online. When a user uses a neo-bank, they can manage their bank accounts instantly from their smartphone or computer. He no longer needs to go to a bank office. Financial management is at your fingertips. Indeed, transactions are done simply with a swipe of a finger on a screen. In the form of a mobile application these online banks, neo-banks are particularly suitable for connected young people.
For the latter, the creation and management of a bank account is not always a simple and clear thing to manage. Using a neo-bank can be a way for them to better understand their finances. But also to have better management of their budget. In addition, they have the advantage of being economical. They often do not charge any fees or reduced fees for opening an account or credit card. For young people, these are significant indicators. My French Bank, has understood this and is developing its services in this direction.
Thus, for neo-banks, young people are the new target to be reached. The latter are working to conquer this new target with adapted offers. For example, there is a neo-bank that caters only to young people, this is Xaalis (2). This new educational bank is aimed at young people between the age of 12 and 17 and their parents. Its goal is to teach young people how to manage their money. For its part, Ma French Bank is expanding its services with an offer only for teenagers. WeStart thus becomes the new 100% mobile banking solution for young people.
My French Bank postal bank launches Westart account for young people
Thus, since November 16, 2020, the subsidiary of the Postal Bank, Ma French Bank offers a 100% mobile bank for teenagers. WeStart complements the existing range of services within Ma French Bank. Fifteen months after its launch Ma French Bank has more than 250,000 customers. It continues to grow. The new solution aims to be simple, secure, educational. In addition, it is in line with the expectations of young people and their parents. Thus Ma French Bank expands its customer target. It is initially positioned on a target core between the age of 18-35. A target always connected, in search of autonomy and practical services to simplify everyday life. Today, it sets up services specifically designed to appeal to young people. The aim is to democratize mobile banking a little more.
So with Ma French Bank, for 2 euros per month all-inclusive teenagers can open a new account. It is available online and in 3000 post offices. In fact, 52% of parents enter high school are one of the key steps to open a bank account for their children (3). Thus, young people can benefit from a real bank account without overdraft, with real-time tracking of their transactions and an International VISA card.
Everything is designed to simplify the process with a management that can be set up for parents. The user experience is thought in two directions, for young people and for parents with two interfaces. Everyone has a space to simply manage and control the account. Thus, the proposed solution becomes a fun way to educate young people to manage their first bank account. Banks support young people in their development. In New Aquitaine, Crédit Agricole notably accompanies young people with Wizbii in their search for a job.
As a result, Ma French Bank has developed its product and service offering for a new target for the future, young people. This desire is also marked by the association with Samsung Pay and Apple Pay or Fintech which aims to make the use of a bank account even more educational and fun. With neo-banks, managing a bank account has never been easier.
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