Mobile financial services: where does Orange fit in?
Does a phone operator have any business in developing financial services? Probably more than you think!
Mobiles have become our constant companions. Their role is changing to encompass many practical, convenient uses. Mobile financial services are amongst them.
Without replacing banks but by tapping into its expertise, Orange is developing services in three areas: mobile payments, mobile money and mobile banking. They allow payments, secure money transfers and even access to consumer loans all quite simply through a mobile phone.
Take a look at a few initiatives from the Group which might just surprise you.
Banking & mobile phones: a few French habits
In France, all banks now offer their own mobile apps. Banks operating fully online, available via mobile phones, are out there and have successfully carved out a customer base for themselves.
According to a study by ADN’co, a French consultancy specializing in electronic money and payments, one bank account in three is opened online in France and what’s more half of all financial transactions are expected to be carried out from a mobile by 2020.
Mobile banking: Orange Finanse
Poland is one of the countries in Europe where mobile payments are most established. Orange and mBank, the country’s fourth major retail bank, have launched the new ‘mobile bank’ which offers far more than the traditional banking services. A true inspiration in terms of user experience.
Mobile money: Orange Money
In emerging countries, more than a billion individuals do not have a bank account but they do have... a mobile phone! Particularly in Africa, where banking networks are sometimes wanting, operators can bridge the gap by turning the telephone into a means of carrying out transactions.
Mobile financial services represent a major opportunity for diversification, one of the five drivers of the Essentials2020 strategic plan. We have many assets: a strong brand, a large customer base, an extensive distribution network and expertise in mobile telephony that gives us great legitimacy in the eyes of our customers, as illustrated by the success of Orange Money in Africa and the promising start of our offers in Europe. Based on this success, our aim is to develop a complete and innovative mobile banking offer on our main markets.
Marc Rennard, Deputy Chief Executive Officer, Customer Experience and Mobile Financial Services
