Feedback: successful integration for ING customers at Boursorama Banque

While the special migration scheme for ING France accounts to Boursorama Banque has come to an end, the bank has made a very positive assessment of this operation, which has enabled it to attract more than 300,000 new customers. These customers are on average older and more affluent than Boursorama Banque's principal clientele, which should have a positive impact on the bank's deposits. If this operation was a success, it is also the consequence of the extensive system put in place by the bank to welcome these new customers.

FACTS

• The results of the agreement between ING and Société Générale have been very beneficial for the French banking group's online bank. Boursorama Banque has announced that two out of three customers (63%) eligible to migrate their accounts between the two banks have chosen to do so and become Boursorama customers. This means that 315,000 new customers have joined the bank.

• This result was achieved less than six months after the start of the migration campaign, based on a simplified account opening process, exclusive commercial gestures and dedicated support:

  • account opening within one day

  • same day and next day transactions for virtual cards stored in the wallets

  • use of the bank mobility scheme to facilitate transfers, which was the case for 160,000 customers

  • a welcome bonus of up to €320 with an average amount of €100

  • 100 advisers dedicated to the transfer of this new clientele for the management of telephone calls

• In total, nearly €8.5 billion was transferred, including nearly €4.5 billion in life insurance. With regard specifically to the stock market, nearly 50,000 securities accounts and PEAs were opened and more than 35,000 transfers were recorded by Boursorama.

• In terms of customer type, Boursorama found that its new customers from ING were older overall (50 years old on average, compared with 35 for Boursorama) and had more income and assets:

  • 65% earn more than €25,000 per year, compared to only 45% for Boursorama Banque

  • 65% have more than €100,000 in deposits compared to 35% for Boursorama Banque

  • and they have entrusted more than €25,000 on average to Boursorama Banque compared to €15,000 for the rest of the customer base

CHALLENGES

• Completing a large-scale operation for France's leading online bank: ING's departure from the French market had led to a long battle over the purchase of its customer portfolio. While Crédit Agricole and Crédit Mutuel were approached as potential buyers of the online bank, Société Générale entered into exclusive negotiations with the Dutch group. A final agreement was finally signed last April. It is now bearing fruit for the online bank, which emphasises the satisfaction of its new customers: their satisfaction rate is 7.3/10 and 8.4/10 for the bank's product offering.

MARKET PERSPECTIVE

• Boursorama regularly publishes the evolution of its customer acquisition. A strategy of conquest that has a cost. In 2020, Boursorama published significant losses. And when Société Générale presented its results in February 2022, the group reported a profitability of 13.1% over 2021, but valued at 14.4% excluding Boursorama's results.

• Boursorama Banque remains the spearhead of the digital transformation strategy of the Société Générale group, which is now looking more than ever to ramp it up.