Payment methods: Are FinTechs a real threat to banks?
FinTechs such as Bankin and Linxo create relations with their clients that enable customers to bypass banks, by proposing account aggregation and budget management services. With a new European directive on payment services in the pipeline, such companies will be able to go even further.
Faced with account
aggregators, major banks have decided to retaliate. According to the
French financial newspaper Les Echos, BCPE is set to launch its own
initiative in November 2016. Indeed, this was already being hinted at
a year ago by Patrick Bianchetti, Assistant Director for Development
at Banque Populaire, in an interview with the same newspaper.
- Sociéte Générale
is also getting ready to introduce a similar service, using
technology developed by Fiduceo, a start-up that it acquired in 2015
via its Boursorama subsidiary.
- Crédit Agricole
bank has opted for a different approach, buying into Linxo at the
start of the year. Finally, at the end of October, HSBC France
officially rolled out its Personal Financial Management and Account
Aggregation mobile application, also in partnership with Linxo.
Meanwhile, Linxo has also created partnerships with Maif, Fortuneo
and BforBank. In the UK, Barclays, Lloyds, RBS and Santander have all
followed suit with similar activities.