Mobile network operator Orange is set to open the first mobile-only Orange Bank this year in France, as well as Spain and Belgium following this initial launch.
The mobile-only bank will give customers the chance to make NFC mobile payments, P2P mobile transfers via SMS and get help with basic banking tasks from an artificial intelligence virtual assistant. With the opening of Orange Bank, this bank will be the only one on the market to offer two completely free payment payment methods for all customers. Those who sign up with Orange Bank will be given a bank account, a customizable debit card and more features that will appeal to the Millennial generation and Generation Z segments.
As Stéphane Richard, chairman and CEO of Orange says: "From now on, Orange is also a bank."
What's Driving This Trend
- Mobile-only Banks
- The trend of mobile-only banks is growing with mobile network operator Orange launching its own version, creating opportunities for digital banks to capture young generations.
- NFC Mobile Payments
- The emergence of mobile-only banks enabling NFC mobile payments signals opportunities in the financial technology sector for companies that offer similar solutions.
- Artificial Intelligence Virtual Assistant
- The use of AI virtual assistants such as in Orange Bank creates openings to innovate banking customer service, with other financial service providers set to incorporate AI into their operations.
Who This Affects Most
- Mobile Network Operators
- Mobile network operators can find innovation opportunities in venturing into the financial technology sector by launching their own mobile-only banks.
- Financial Technology
- The financial technology industry has opened up avenues for new features and services, which can provide innovations for startups and established players alike.
- Digital Banking
- Digital banking is disrupting traditional banking models, paving the way for companies to create more efficient and accessible banking systems tailored to the needs of younger generations.
