Neobank customers: Who are they? What exactly are they looking for?
Moneway, the first evolutionary and collaborative neobank, conducted a national study in France in order to truly understand neobank clients. A poll was conducted with over 4,600 French neobank customers responding that provided a clearer vision of not only their profiles, but also their wishes for the bank of the future.
Active youth: first customers of neobanks
Out of 21,216 people surveyed, 4,665 said they were customers of a neobank. The age breakdown was interesting. 59% of customers were between 18 and 24, 24% between 25 and 49, 12% between 50 and 64 and only 5% over 65. The service is thus largely desired by newly active youth.
Why did they choose a neobank?
For the 18- to 24-year-olds, the three main criteria were clearly identified:
1. Have a different bank from their parents (69%)
2. Have more responsiveness (64%)
3. Pay less in fees (59%)
For 25- to 49-year-olds, the most important thing is responsiveness (68%), just ahead of the need for regular contact (61%) and the search for innovations (56%).
For 50- to 64-year-olds, responsiveness is also the most important (79%), but also paying less (67%) and the desire to digitalize everything (51%). Finally, for the over 65 group, responsiveness also seemed to be the most important criteria at 65%, ahead of the desire to try a new service (62%) and lower costs (61%).
Bad relations with their old bank
Unsurprisingly, people 25 and olders were all with a traditional bank before going digital. Something to note, however, is that for 3% of 18- to 24-year-olds, their first bank account was opened at a neobank.
Evidently, former clients of traditional banks were missing a strong relationship with their banker. This was the case for all ages, 54% of those over 65, 58% of the 18-24 and 50-64 groups, and more than 61% of 25- to 49-year-olds who seemed the most unhappy.
Virtual – but with more contact!
To the question « With whom did you have more contact and exchanges?” all generations responded: “With my neobank.” The 18-24 group were the most with 54% responding in the affirmative about their neobank.
It was the same result when it comes to their relationship with their neobank. The positive appreciation is higher among all age groups, ranging from 76% for 18- to 24-year-olds to 56% for those over 65.
But what do they want?
Even if the numbers differ, it is surprising to note that all generations like the same criteria in a neobank. The speed of responses was number one for all groups except those over 65, who listed the quality of responses as their top priority. Two qualities finished among the top three in all age ranges: the quality of responses and the simplicity of exchanges.
Conversely, certain aspects of neobanks leave customers dissatisfied. First: the lack of complementary services for people from 18-64 (between 89% and 71%). Those over 65 lament the absence of physical meetings (81%) but also the absence of real branches (69%), which is also number two on the list for all generations.
Loyal for life?
At 61%, most neobank customers feel incapable of returning to a traditional bank. 18- to 24-year-olds are the highest in this category, with 77% saying they would not return to a traditional bank, far ahead of the 25-49 group at 62% and 50-64 group at 54%. On the other hand, 51% of those over 65 say they would be able to return to classic bank services.
“Today, only the clients of a neobank really know why they chose this type of new services and sometimes only realize it after they have subscribed. We experience it every day in our strong relationships that we have developed with our bank and their surprise when they discover everything that is hidden within a neobank. At Moneway, around 70% of our customers are between 18 and 24 and they clearly want a different connection. Throughout our conversations with them, we know that they are depositing their first salaries or scholarship money from their studies. They are always surprised to see the extent of services we offer, and especially to see that their opinions are taken into account in order to further our offerings in coordination with their needs,” said Noémie Nicod, Co-founder and Managind director at Moneway.