One of the largest co-operatives in the world by turnover, French retail bank Crédit Agricole is introducing a low-cost online banking service.
The EKO service, created to address competition from fin-techs and other online financial providers, will provide an account, debit card, mobile app and access to local branches for €2 a month.
Designers say it will to respond to the digital needs of customers while granting branch support when required. Customers can join online or at the branch in less than 10 minutes. They can use a contactless card or set up direct payments online.
It is hoped the app will help customers improve their budgeting by sending alerts when their account balance is below €20. In this case, overdrafts are not authorised.
Customers will also gain access to other services offered by the bank, such as credit, insurance or saving.
“It meets the expectations of a low price, as well as budget management,” said Crédit Agricole.
The group is a network of regional co-operative banks with a total of 21 million customer members, who were consulted on the design and features offered by the new service. It accounts for a 23.3% market share of French household deposits.