what is the new BforBank worth compared to Boursorama and the others?

BforBank, the online bank of the Crdit Agricole group, surprised the world by unveiling a new offer that is the polar opposite of what it has been offering for almost 15 years. How does it compare to other online banks? We take stock.

The first break is aesthetic. Pastel colors replace the traditional brown, the logo in the shape of a frog’s head, almost childish, replaces the double B. But the new BforBank, unveiled last week, also and above all stands out with its range of products and services. A new bank is being born today, announces Pascal Luigi, its new deputy director.

Online banking: the new BforBank justifies its choices

What is this new bank worth? What place does it take on the French market for brands without agencies? To find out, we compared its premium formula, BforZEN, with those of other online banks on the market: Boursorama (soon BoursoBank) with Ultim, Fortuneo (CB Gold Mastercard), Hello bank! (Hello Prime) and Monabanq (Uniq).

Everyday banking: the choice of real time

A systematic authorization card, without the possibility of deferred debit: BforBank has made a radical choice for its new premium offer, charges 4 euros per month. Exit, therefore, the free CB Visa Premier card which until now served as the main product of appeal. It is replaced by a Visa Only card. A choice reminiscent of that of BoursoBank with Ultim, but which contrasts with those made by Fortuneo, Hello bank and Monabanq, always loyal to the French CB acceptance network.

A decision justified by the desire to propose a refreshing the account balance in real timebut also by another choice: the absence of authorized overdraft. The new card will thus check the balance each payment and will block the transaction if the account is not sufficiently funded. A protective choice for customers, explains Pascal Luigi, which may however worry some, used to benefiting from a little margin.

In line with this all-online approach, BforBank will not distribute no more checkbooks. THE instant transfers become free, on the other hand. With some limits: 3 transfers per day maximum, limits 500 euros each.

Savings and loans: we start from (almost) zero

An in-house savings account, called Bfor+, and a consumer credit offer offered by Sofinco, another subsidiary of the Crdit Agricole group: the launch of the new BforBank is taking place with the bare minimum. A choice that raises questions – why not wait to expand the offer before launching? – and also worries current customers, who often come to BforBank for the wide range of savings and investment products.

New BforBank: what will happen to old customers?

Online banking has reassured them: they will not have to give up anything. Life insurance and the stock market should therefore quickly integrate the new offer. But, in the meantime, the contrast is striking, both compared to the old offer and that of direct competitors.

Insurance: mobile first

It seemed to us that it was a good idea to offer our clients the option of insuring their bank. The remark, in the form of a joke, comes from Pascal Luigi. BforBank, in fact, has integrated its offer into mobile insurance, the main relational channel with its customers. The contract, insured by Crdit Agricole Assurances, also protects computers and tablets against theft, breakage and oxidation. A somewhat broad spectrum, therefore, than the equivalents offered by other brands, but which has a price: 10 or 13 euros per month, depending on the formula chosen

For the rest, BforZEN card holders benefit from the insurance and assistance for travel, snow and mountains, the image of those supplied with Visa Premier or Gold Mastercard cards. Nothing, however, on the side of home or car insurance: again, you will have to wait… or look elsewhere.

It’s time to look elsewhere… BforBank customers confused by the new offer

Customer service: the 24/7 bet

This is the main point of differentiation of the new BforBank: customer service will be accessible by telephone 24 hours a day, 7 days a week. No bank, online or not, currently offers such a wide range of hours. It remains to be seen what the waiting time will be, often long in online banks, and the quality of the advice provided.

To achieve this feat, the online bank calls on external service providers, who take over when BforBank advisors are not working. The bank promises: all advisors, including those of service providers, are based in France.

Conclusion: A more no-bank type offer

The border between 1st generation online banks, those that appeared in the 2000s, and nobanks, more recent and natively designed for mobile, is increasingly fine. However, BforBank’s new offering, designed for mobile and real time, with its systematic authorization card, its absence of overdraft and checkbook, but also its very short catalog of products, is clearly on the side of the seconds, embodied in France by Revolut and N26.

Enough, obviously, to disarm the brand’s current customers, who have come for a completely different promise. If you are looking for a bank capable of meeting all your needs, from current account to investments including credit and insurance, BforBank is not yet up to the task against BoursoBank and others.

However, this could come: BforBank has promised toquickly expand your offer, particularly when it comes to savings. Online banking also stands out through the desire to combine a certain modernity with a more traditional approach to banking, focused on dialogue with the advisor.

It remains to be seen whether the promise of a 24-hour telephone reception and a personalized annual report will be enough to convince customers, old and new, to try the adventure.

Online banking: comparison of offers