“La Banque Postale has continued to transform its model, a more digital, more diversified and more customer-centric model,” says Philippe Heim, Chairman of the Management Board of La Banque Postale.
The site remains to be finalized, however, even if the company is pleased with the “good execution of its strategic plan” for two years. Based on its 2022 results, it announces that it is aiming for “a new stage”.
Heading towards a new stage of transformation
To overcome it, La Banque Postale has identified “three accelerators” intended to drive the evolution of its model. To sustainable finance, its management therefore adds two priorities: customer and operational performance, and innovation and pivoting of the model.
This will notably involve an increased role for digital. The consolidation and digitization of retail banking is already one of the transformation levers of the French player. Its ambition is to offer a “benchmark digital and multi-channel experience”.
La Banque Postale can already claim some encouraging results. It observes a “rise in power” of its digital tools and services. Visits to the website and application increased by nearly 8%.
For the number of users connected at least 20 days per month, the year-on-year increase reached 6%, to 1.9 million. The share of digital in sales stands at 8.9%. This is three points more than in 2021.
Youth Pass, callbot Lucy and redemption of Joe
The challenge for the bank, via digital, is also to win over a young clientele. To this end, in 2022 it launched the Pass Jeune, “10 attractive and free extra-banking services”. Six months later, the pass has nearly 600,000 subscribers.
Digitization will continue with the development of priority paths (entry into digital relationship, pricing and mortgage form). Next June, in principle, 16 daily banking journeys will be available from the mobile application.
To its report for the year, La Banque Postale also adds the commissioning of a callbot Lucy. Its particularity: to be endowed with emotional artificial intelligence. It now claims the rank of “first callbot in France for banking consultation”.
To carry out its transformation, the company must also innovate and develop new services, particularly for B to C. In this area, it will be able to rely on the expertise and skills of the start-up Joe ( 200,000 users in two years).
No scramble for the acquisition of Orange Bank
Already supported through its 115K fund, the fintech specializing in split payments has been acquired by its subsidiary Django. Launched in March 2022, the entity now owns Joe’s technology.
The objective for Django, thanks to the expertise, technology and skills of the start-up, is to launch an application for individuals for a responsible BNPL (Buy Now Pay Later) type service.
The development of Django is part of the bank’s diversification strategy in the consumer credit market. Its B to B solution for merchants has 150 merchant partners.
This “rise in power” is welcomed by Philippe Heim. On the side of the leaders of Orange Bank, the signals are less encouraging, however. Christel Heydemann, the boss of the group has decided to refocus activities.
Buyers for Orange Bank are therefore sought. The billion euros of cumulative losses cools the candidacies however, report The echoes. The other banks would have given up on the project. The Cerberus fund remains in the running, which must previously complete the takeover of the HSBC network.