Posted Oct 1, 2022, 6:18 PM
In 2023, bank rates for individuals will be frozen, or will increase by a maximum of 2%, depending on the establishment. This follows commitments made in mid-September by the profession to the Minister of the Economy Bruno Le Maire. Societe Generale, La Banque Postale, LCL and BNP Paribas have thus undertaken to freeze their prices next year… but in some cases, a paying service will become free.
This is the case, at BNP Paribas, for instant transfers, this new transfer standard, which debits the sender account and credits the recipient immediately. With traditional transfers, the money can take several hours or even days to be actually transferred. The bank thus announced to its customers in France that this service would become free for subscribers to its “Free Spirit” package.
Just over half of its 7 million individual customers in France subscribe to this offer. “Instant payment flows are increasing rapidly among our customers, by around 60% over one year. Such a decision represents a significant investment for us, but it is worth it for the satisfaction of our customers”, explains to “Echos” Marguerite Bérard, director of commercial banking in France (BCEF) at BNP Paribas.
Standardize instant payment
The movement reflects a fundamental change for the major banking networks: until last year, most of them charged instant transfers around one euro, where neobanks played free. Because of its price, the use of this function remained reserved for emergency cases, and developed little.
Among the players now switched to free are La Banque Postale, Boursorama, Hello Bank (subsidiary of BNP Paribas), Crédit Mutuel Arkéa, Fortunéo and some regional banks of Crédit Agricole. With free, instant payment could gradually become standard. “Since the announcement of free, we see that this creates very significant flows, that our customers make this type of payment the preferred option”, underlines the leader.
More broadly, the decision of BNP Paribas is part of a key moment for retail banking in France: between a mortgage loan which must regain its marks – the time to incorporate the rise in rates – and fears for the power of purchase, the group wants to be offensive.
Enrichment of the offer
The freezing or even lowering of prices “testifies to an overall logic”, abounds Marguerite Bérard. We wondered how to be the most there”. The group has also decided to enrich its Esprit Libre offer, without changing the price. In particular, a digital life protection service is offered, providing for example for the cleaning of personal data on the internet in the event of damage to one’s online reputation.
Another addition, for all customers, a cash back offer (baptized “My extras”), developed in nine months with a start-up, will make it possible to collect directly from one’s bank account a portion of the sums spent with a group of major partner brands – including in particular the SNCF -, provided that they have paid their purchases with a BNP Paribas payment method. Already on trial with the bank’s customer employees, this offer will be generalized in mid-October.
All claws out
In terms of climate transition, the bank also remains all claws out. The establishment sent a letter to Lucie Pinson, the president of the environmental NGO Reclaim Finance, to denounce the site change-de-banque.org, which invites individuals to choose a more virtuous banking establishment in terms of climate. In its letter, the bank denounces “dead ends” and an approach that “does not reflect” the reality of its climate commitment.
