Will online savings end up experiencing the same growth as online banking? If the latter appeals to a growing number of French people, evidenced by the 5.4 million customers of Boursorama, the 3 million of Nickel, the 1.2 million of Fortuneo, not to mention Revolut and N26 which claim more than 2.5 million each, fintechs which specialize in investments remain small players compared to banks, insurance companies and wealth managers. Linxea, one of the oldest in the sector, with more than twenty-one years of existence, has only just passed the milestone of 100,000 customers, far ahead of other online savings specialists.
Money remains a complex subject for many French people who do not feel sufficiently autonomous to manage it without being accompanied by a physical advisor. Subscribing to a savings product is a more complex operation than opening an account and choosing a bank card in an establishment only present on the Internet. Moreover, Boursorama and Fortuneo, which were originally online brokers, only saw the number of their clients take off when they transformed into real banks. Finally, online savings players still suffer from a lack of awareness, particularly the string of start-ups that have been created in this sector.
However, fintechs specializing in savings have many advantages over traditional intermediaries: a wide range of financial products, access to investments often reserved for wealthy clients, very competitive pricing, efficient funds and savings accounts and , of course, the agility, flexibility and accessibility that digitalization provides. A wise saver can therefore no longer ignore them, and younger people are increasingly attracted by their innovative offer. It is by continuing on this path that online savings players will be able, in the coming years, to find a place in the sun.