The change of bank? Child’s play if you are an individual. But for professionals, that’s another story. Why is the banking mobility of companies stopping? Decryption.
5.5% of French people changed bank in 2019 (1). A modest figure, but which has been increasing continuously for several years. The number of French people unfaithful to their bank has even more than doubled since 2014. In question: increased transparency on bank prices, in particular with the development of online comparators. But also and above all the establishment of the banking mobility assistance service provided for by law for growth, activity and equal economic opportunities.
Since February 6, 2017, banks have in fact been obliged to offer their customers this device, which facilitates the procedures for individuals wishing to change bank: a signature, and your new bank takes care of informing all creditors or debtors who regularly transfer or withdraw money from your account.
In contrast, professionals do not benefit from this device. Article L312-1-7 of the Monetary and Financial Code is very clear on this point: the banking mobility assistance service applies to deposit accounts or payment accounts opened with all payment service providers. and held by natural persons not acting for professional needs.
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Banking mobility at a standstill
However, the professionals would gain everything if they could make play the competition between the banks. To enjoy a service more suited to the development of their business or access more attentive customer support, for example. But also to save money, since bank charges represent on average 0.69% of professional turnover, according to a report from the Observatory for Business Finance (OFE).
Does the number seem low to you? However, there is nothing trivial about it: a professional pays on average 1,700 euros in bank fees per year, or 10 times more than an individual. A gap that the banks justify by the reinforced monitoring obligations incumbent on them and often more specialized support.
However, in the absence of an adapted banking mobility system, many companies opt for the status quo, even when they are not satisfied with their bank. The pros do not have the luxury of being able to change banks easily, explains Bndicte Caron, vice-president in charge of economic affairs within the Confederation of small and medium-sized enterprises (CPME). All customers, suppliers, government departments, etc. must be warned manually. This takes lots of time, she continues.
Especially since in the event of an error, the note may turn out to be dirty. Professionals cannot afford to have a refused payment or their old bank account crediting instead of the new one, confirms Germain Michou-Tonning, director of partnerships at Qonto, a financial management solution for professionals. For economic reasons, of course, but also for preserve their image towards their customers and suppliers.
Without forgetting that in the event of rejection of a check or debit from the old account, the bank will charge incident fees. Unlike individuals, these fees are not capped for professionals. Their amount was on average 19.30euros per month, according to the OFE report.
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The resistance is organized
So are the pros doomed to stay with the same bank their entire lives, as individuals were just a few years ago? Not necessarily. Faced with the silence of the legislator, resistance is organized. Several banks have decided to create a bank mobility aid scheme to support their professional clients. This is particularly the case of Qonto, which imagined the Bank Switch tool, compatible with 165 banks in France.
We securely analyze the transactions of the old bank account using an aggregator, in order to identify all the transactions that require action, explains Germain Michou-Tonning. These procedures consist, for example, of contacting a customer to send him his new RIB, change bank card details, change an automatic debit, or inform the tax center.
In the absence of a bank mobility mandate, as is the case for individual customers, however, the transfer is not automatic. Qonto just provides the customer with a complete list of the tasks to be performed, which they can check off as they progress in their migration. We plan to further enrich this service, by adding a watch service on the old account, to ensure that nothing has been forgotten 頻, completes Germain Michou-Tonning.
Other banks have also taken the initiative to set up a mobility assistance service for their professional clients. This is the case, for example, with the Caisse d’Epargne or even the CIC, which offers 100% coverage of the necessary steps the transfer of your professional accounts with its Easy Pro Transfer service. Enough to relieve professionals looking for a new bank.
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(1) Study by Bain & Company on banking mobility