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French banks stem flow of clients to fintech rivals survey shows

Reuters  |  PARIS 

(Reuters) - French customers have become less inclined to switch to a firm over the past year, a survey showed on Thursday, as lenders move to fend off new entrants.

French banks such as and Societe Generale, have sped up investments in so-called fintech, either by buying start-ups, known as "neobanks", or by offering clients new payment methods or

German mobile N26, Bank, provided by French Orange, or the aggregator app 'Bankin' have all threatened to steal market share from the incumbents.

The and survey showed that only 22 percent of French customers would leave their core for a fintech, a drop of 4 percentage points over the year.

"Banks have caught up a bit (with fintechs) do that they have relied on fintechs, either by buying them or integrating their services," Deloitte's said.

Despite the promise of fintech firms over the past two or three years, people were increasingly questioning what would change by switching, the associate at added.

The also showed that 22 percent of the French were open to opening accounts in different banks or companies, up 3 percentage points versus last year's survey.

But 53 percent of those polled still said they would prefer to stick to one financial institution.

(Reporting by Maya Nikolaeva; Editing by Alexander Smith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 12 2018. 21:27 IST