Young French showing the way forward in e-banking

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Online banking is predicted to take over France by storm in the near future.

A country with nearly 34 million internet users, France is ripe and ready for a major revolution in digital technology based banking, where personal computer and smart phone based customer operations will become the order of the day, industry experts have observed.

A leading market research agency, in its report on the user patterns in the teleocm industry has noted that up to 80% of the country’s population is already digital savvy and they will conduct online banking operations at least once in a month, on an average.

Overtaking several international markets including the USA, France has been first off the block to adopt the new-gen technology in digital communications for domestic and international banking. Even in the USA, the percentage of internet users who do banking via online, rank around 69.3%, the study observed.

Analysing the characteristics of the transactions done over the internet, the report noted that most of the users use the facility to do basic banking transactions such as checking account balances and transferring funds between branches. These were found to be the maximum number of activities conducted during the research period.

Indications are also that, with this trend growing, France’s population will emerge as the first 100% digitally aware nation to utilize the country’s vast network of telecom network for banking and will transact the highest traffic of this kind in the whole of Western Europe.

Of the large population of online banking customers, a good 88.5% of the survey sample emerged as between 18-34 age group, indicating the thrill of the technology appealing to the modern youth.

Even amongst the senior citizens, the survey recorded a percentage of positive response from 61% of the sample, aged over 65 years.

In the words of the team lead of the research agency that conducted the survey, ‘the leading banks in France are more secure than some comparable institutions in Western Europe … (and) major banks are quick to see the advantages of offering highly secure digital services to their customers.’

Quite simply, France is racing ahead of the rest with technologically advanced digital platforms for their banking and money movement mechanism across the country.

Viva la France!

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