France & Usa Align on Banks

ph Dmytro Demidko on Unsplash

Two perspectives highlight the evolving landscape of banking services, where both physical branches and digital innovations play essential roles in meeting customer needs.

JPMorgan Chase, the largest bank in the United States, has made a significant move by announcing its intention to open more than 500 new branches and renovate around 1700 existing locations by 2027.

This ambitious expansion aims to provide greater access to banking services and make financial assistance more affordable and convenient for customers across the country. The bank will also venture into new markets, including low-to-moderate income and rural communities, where traditional banking services are scarce.

The French Banking Federation (Fbf) and the French Public Opinion Institute (Ifop) have conducted their 4th survey titled The French, their banking, their expectations. Based on responses from over 4000 French people, the study provides valuable insights into French banking customers’ behavior and perceptions.

63 percent of French individuals have one bank account, and 46 percent have one or more loans. Branch visits have decreased over time: 31 percent visit their bank 1-2 times a year, while only 9 percent visit multiple times a month (compared to 62 percent in 2007).

Banking is perceived as both physical and digital, with various contact methods such as e.mail, the bank’s website, telephone, and branch visits.

French people recognize the importance of relationship banking. 89 percent have a positive image of their branch, 88 percent of their bank, and 86 percent of their advisor.

88 percent believe that banks play a vital role in daily life and regional development. 80 percent consider an ideal bank to offer services both online and in branches, based on individual needs. In summary, while digital channels remain crucial, French customers still value personal interactions with their banks.

The French Banking Federation (Fbf), founded in 2001, represents 334 French and foreign banks operating in France. The association deals with banking and financial regulatory matters at the national, European, and international levels, as well as all aspects related to the role of banks in society. It also has a representation in Brussels.

The Fbf is currently chaired by Philippe Brassac, the Chief Executive Officer of Crédit Agricole.  He had already presided over the Fbf in 2016, just one year after taking the helm at Crédit Agricole. (Sergio Scialabba)

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