The Crdit Mutuel Alliance fdrale group wants to attract new customers, and in particular new customers for its insurance and professional banking offers. For this, according to information reported by L’Agefi, the mutualist group relies on its online bank Monabanq.
Where exactly is Monabanq in the race of nobanks and online banks to the largest number of customers? Mystery. The MoneyVox editorial team interviews the various players each year to gauge this balance of power and the establishment that is part of the Crdit Mutuel Alliance Fédérale group maintains the suspense. Last known estimate: about 300,000 customers, several years ago.
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Indeed, Monabanq has a positioning part in the world of online banking: it assumes to claim a (small) monthly contribution, of 2 or 3 euros depending on the offer chosen by its individual customers, but it does not require proof of regular income or regular payments.
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Insurance, pro accounts… but also Europe
Will the Villeneuve d’Ascq-based online bank accelerate its development? This is implied Agefi, which claims to rely on concordant sources, internal to the group Crdit Mutuel Alliance Fdrale, parent company of Monabanq. The group wishes to strengthen itself in several strategic areas: professional banking, insurance, and the European market. For these three areas of development, this could go through Monabanq.
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Why? Thanks to know-how of online banking in direct salessays an internal source Agefi, while the networks of banking advisers in agencies are mainly trained to flow credits, not sell insurance, develops this internal source. In other words: the advisors of the 14 Crdit Mutuel federations attached to this group would mainly specialize in purely banking advice to individual customers. And Monabanq would be a gateway to these underdeveloped markets for the taste of the group’s management.
Finally, the european bank passport allows the group to rely on Monabanq to develop a banking offer abroad without having to deploy a branch network there or without having to acquire existing brands.