If Fortuneo is on par with the best online banks in terms of prices, the green bank attracts fewer new customers than its rival Boursorma Banque. A difference which is mainly explained by the divergent strategies of these two banks.
Not long ago, Boursorama Banque, the French leader in online banking, announced that it had reached the milestone of 4million customers in France. It’s near 6.5 times more than its rival, Fortuneo, a subsidiary of Crdit Mutuel Arka since its takeover in 2006. The latter indeed claims 600,000 customers in France, a very active majority of whom are in the 18-35 age category, the company explained in a recent press release.
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However, in terms of pricesBoursorama Banque and Fortuneo seem to be on a equal footing. The MoneyVox editorial team compared the prices of the two banks at the end of 2021 with 3 profiles (young, classic, premium). Conclusion: we only detected no difference rates, as shown in the summary table below.
| Profile | Boursorama tariff | Fortuneo tariff | Average price of online banks |
|---|---|---|---|
| Young | 0 | 0 | 8.43 |
| Classic | 2.78 | 2.78 | 48.68 |
| Premium | 0 | 0 | 55.25 |
And it is still the case today. According to the monthly ranking carried out by MoneyVox, in July, Fortuneo and Boursorama are still the least expensive banks. It’s no coincidence. Because the two brands have been engaged for several years tariff war without thanks. As soon as one of them pulls its prices down, the other responds without delay. So much so that today almost all daily banking services (account maintenance, credit card, instant transfers, etc.) are free in both brands.
Online banking: comparison of offers
Customer conquest
But then, why such a difference in customers? Boursorama Banque is engaged in a conquest strategy ambitious customers. To achieve its objectives, the brand does not hesitate to multiply welcome offers, and invest a considerable part of its budget in its communication campaigns. Its objective is clear: to grow fast and strong to win market share until it reaches critical mass.
However, this strategy has a cost. And the subsidiary of Socit Generale accused 50 million euros in losses in 2019 and aims for profitability in 2024. Conversely, Fortuneo is opting for more measured growth. In return, the green bank is currently one of the only French online banks to have achieve profitability. Two banks, two visions, and two ways of measuring success.
Already 4 million customers for Boursorama, the underside of the dazzling success of online banking