The cumulative losses of the 15 main online banking players in France widened in 2020, despite a sharp increase in the number of customers, according to a report by the Prudential Control and Resolution Authority (ACPR) published on Monday.
In total, their net losses amounted to 441 million euros that year, against 376 million in 2019, explains the regulator, which depends on the Banque de France.
The net result per customer logically follows the trend, falling from a median level of -45 euros in 2019 to -57 euros in 2020.
The establishments questioned are as follows: Boursorama (Société Gnrale group), BforBank (Crdit Agricole group), Hello Bank and Nickel (BNP Paribas group), ING Direct (ING group), Monabanq (Crdit Mutuel Alliance Fdrale – CIC group), Orange Bank (Orange group), Ma French Bank (La Banque Postale group), Qonto, N26, Fortuno (Crdit Mutuel Arka group), Revolut, Manager.one, Lydia and Younited Credit.
Five of them, however, are already profitable.
On the other hand, the market share of the 15 players reviewed is progressing very quickly, with the number of accounts opened increasing from 8 to 16 million between 2018 and 2020.
At least 35% of new current accounts opened by retail customers in 2020 were opened in one of the establishments in our sample, continues the ACPR, in particular by young people between 18 and 29 years old.
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But this growth is not accompanied by an improvement in operating profitability, regrets the regulator, net banking income (equivalent to turnover in this sector) progressing too little compared to general expenses (staff, IT , Ed) still too high.
Account opening bonuses and advertising expenses still weigh heavily on the cost of customer acquisition, according to the report.
The ACPR pays particular attention to the profitability of companies in the sector. In March, she pointed out the unprofitable or unprofitable growth model of new payment players.
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