When a Bank Rents… Bikes

The diversification process bears many shapes even in the banking sector. In this instance, Crédit Mutuel-CIC stands out through proposing bikes for rental. Once again, mobility-related services are inspiring long-standing players seeking to assist and help finance their customers’ journeys even in their day-to-day errands.

Rather than promoting consumer credit for buying an electric bike, Crédit Mutuel-CIC unveils a new offer for people interested in using this transportation mode.

The institution branches out through proposing bikes for rental. Crédit Mutuel and CIC, as separate brands, will include a leasing option for different kinds of e-bikes (from mountain bikes to foldable bicycles).

This service will cost 29.90 euros per month, or 1 euro per day. Customers may rely on this service to rent an electric bike for three years before they buy it, or choose to rent another bicycle. An optional assistance service will also be proposed.

Comments – Further connecting financial services and mobile contexts

Mobility-focused players have been including financial services in their offers for quite some time now (through their financial arms, for instance), but banks have also started to reach out for mobility related offers. In fact, they try to assist their customers in dealing with transportation issues, as well. There are two main reasons for this: improving customer loyalty and pushing their services everywhere their customers actually are. This issue led them to build new offers, most often in partnership with dedicated companies.

These initiatives also highlight their diversification strategy. Recently, KBC and Allianz unveiled services that did not relate to their initial core business, but did meet drivers’ needs (electronic toll collection, car registration documents, vehicle technical inspection, car parking, etc.).

Crédit Mutuel-CIC chooses to launch this new leasing service without relying on a partner, and rent the bikes themselves. This initiative still is in line with the group’s overall diversification process. In 2013 already, they started selling cars in their branches. Later on the group entered the market for remote surveillance, proposed mobile phone plans, and even started to sell real estate properties.