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Orange to roll out online banking service in November

Wednesday 4 October 2017 | 10:25 AM CET

French telecoms group Orange has plans to launch an online banking service in November as it seeks to add another source of revenue to its core services, reports Reuters. 

The move highlights the heightened competition in retail financial services, with mobile telecoms network operators seeing increased smartphone ownership and reduced use of bank branches as an opportunity to compete with traditional lenders.

The company had originally scheduled the launch of Orange Bank on July 6 but then postponed, citing the need to “extend and broaden the test phase”.

The launch will take place on the 2 of November, according to spokesman.

Orange Bank is to offer its customers use of an instant, secure mobile payment service as well as a free debit card. Its online app will also make it possible for users to transfer money via a text message to another Orange account.

France’s largest online banks, ING Direct and SocGen’s Boursorama, have some 1 million clients each. Orange Bank aims to win some 2 million customers in 10 years and break even in four to five years.

The new service was formed after the acquisition of a 65% stake in Groupama Banque last year.

More: Link