November 03, 2017
Orange, French multinational telecommunications corporation is the first major telecom in France to enter the online banking. The company is expecting two million clients and a 25% share of the surging online banking market, widening its portfolio of services offered through its smart phones.
Orange intends to generate €400 million from online banking services in 2018. The company is quite confident if it reaches 21 million telecom client base, it will give the company an edge on in the online banking business in France.
Orange is entering the online banking market in Africa and Poland. Africa is believed to generate half the revenue for Orange. Consultancy Ernst & Young projects a six-fold growth of the online banking business over the next decade. Growth is driven by the advent of Open Banking regulation, which should allow companies access to banking data with the customers’ consent, allowing for the development of tailor made needs.
The company also expects banking to work in synergy with its telecom services, as Orange going beyond the offer of media content to consolidate its customers’ base.