Crédit Mutuel Arkéa has launched an ambitious plan to double its online banking customer base from 1.4 million to 2.8 million by 2030 through its brands Fortuneo and Keytrade Bank. The strategy involves significant marketing and IT investments, as well as enhancements to the Fortuneo app. While profitability may take a hit, the focus is on long-term growth to compete with established players like BoursoBank and Hello Bank, as well as attracting independent professionals.
Crédit Mutuel Arkéa’s Ambitious Growth Plans
Crédit Mutuel Arkéa has unveiled a bold strategic plan aimed at significantly expanding its online banking services through its brands Fortuneo and Keytrade Bank. The objective is to boost their customer base from 1.4 million to an impressive 2.8 million within just five years. This ambitious goal may entail a temporary dip in profitability as the banks focus on growth.
Strategic Moves and Market Positioning
During the presentation of its 2030 strategic vision called “Make 2030,” Crédit Mutuel Arkéa expressed strong intentions to thrive in the competitive online banking landscape. Currently, its subsidiary, Arkéa Direct Bank, operates Fortuneo in France and Keytrade Bank in Belgium, collectively serving 1.4 million active customers. By 2030, the goal is to double this figure to 2.8 million.
In contrast, major players like BoursoBank have already surpassed the 7 million client milestone, and Hello Bank, the online banking arm of BNP Paribas, has also established a solid customer base of over 1 million. As neobanks like Revolut and N26 continue to gain traction, Fortuneo finds itself in a race to enhance its offerings and client acquisition strategies.
To achieve these ambitious targets, Arkéa Direct Bank is prepared to make strategic sacrifices. While Fortuneo is currently one of the few profitable banks in its ecosystem, the leadership acknowledges that it will need to forgo short-term profitability for several years to build a larger client base. This approach mirrors the successful growth strategy adopted by BoursoBank, which invested heavily in marketing and customer incentives to rapidly expand its clientele.
In order to double its number of clients within five years, Arkéa Direct Bank plans to increase its marketing and IT investments significantly. Enhancements will be made to the Fortuneo application, which, despite receiving favorable ratings of 4.5 out of 5 on iPhone and 4.4 on Android, still lags behind some competitors in terms of features and user experience.
Additionally, Fortuneo aims to broaden its service offerings to strengthen client relationships, although specific details on new products remain undisclosed. A particular focus will be placed on attracting independent professionals, a segment that rivals like BoursoBank have successfully targeted by providing competitive and free offerings.