Ma French Bank, La Poste’s Online Banking Offer

Online banks hold a significant share of the banking market. User-friendly, reliable, and, above all, more cost-effective, they are attracting an increasing number of customers. While its banking subsidiary was among the institutions lagging behind in terms of digitalization, La Poste has decided to change the game by launching its own online bank. This move will allow it to streamline financial management for its existing customers while also attracting new users.

Scheduled launch for 2019

La Banque Postale has been considering entering the online banking market for some time now. The institution, which will operate under the name “Ma French Bank,” is set to launch at the beginning of the upcoming year. Much like the offers available on the website http://www.detective-banque.fr, it will allow users to manage their finances and perform basic transactions (transfers, checkbook requests, etc.). It will also stand out through its complementary offers, including a credit center and the opportunity to register on a crowdfunding platform. Regarding its commercial rollout, it will be made available through 2,000 post offices throughout the year.

What are the objectives of online banking?

The creation of Ma French Bank represents a significant investment for La Poste. To this end, the company aims to achieve various objectives, both in the short and long term. Its primary ambitions for the coming years are as follows:

Over one million subscribers before 2023

Like any online bank, Ma French Bank must first prove its profitability. For its executives, the goal is to capture more than one million users within the next 5 years. The online bank will leverage a portion of the digital investments made by La Poste to drive its growth. Approximately 100 million euros will be allocated to the bank over this same period to help it reach its target. While the majority of traditional bank customers are seniors over the age of 75, the creation of this platform also represents the best way to rejuvenate its customer base and expand its target audience.

Partnering with CNP Assurances

With the ongoing goal of increasing revenue and supporting the launch of Ma French Bank, La Banque Postale is considering a partnership with CNP Assurances. This collaboration will consist of facilitating access to insurance products through online banking. Even though the online bank has not yet launched, La Poste is working diligently to complete all the necessary steps and requirements to consolidate this partnership. Consequently, once Ma French Bank has released its first financial statements, it will be positioned to expand its service offerings through this collaboration with CNP Assurances. In addition to growing its business within the French market, this will enable the online bank to attract international clients. Since this collaboration will lead to the creation of a group, management will be shared equally between the two entities.