Boursorama Launches Instant Credit Offer Cli€

FACTS

  • As we head the end of year holiday season, Boursorama unveils a financing solution called Cli€: a short- lending option the amount of which can be sent via instant credit transfer.
  • Customers may apply for loans ranging from €200 to €2,000 from their online portal. They may also choose when the amount should be made available: instantly, waiving their right of withdrawal, or within 14 days. Then, they pay back in three monthly instalments (30, 60 and 90 days later).
  • If they wish to be sent to amount immediately, it is disbursed in real time and credited to their account.
  • This offer is “universal”: it doesn’t have to apply to a specific project. Mobile applications are possible (subscription via any device).
  • Cost: interest-free, but flat fees apply based on the borrowed amount.
    • €5 from €200 to €500,
    • €10 from €501 to €1,000,
    • €20 from €1,001 to €2,000.
  • Terms:
    • Over-18 with a Boursorama Banque current account since at least 3 months,
    • At least €15,000 revenue per year,
    • With roughly €100/day over the last 3 months on their bank account,
    • At least 5 payments with their Boursorama Banque card over the past 3 months.

CHALLENGES

  • Anticipating the end of year season with an instalment option. This feature is meant to help customers instantly afford unplanned purchases in a flexible manner, especially for Christmas. According to a 2018 report by Adobe, over 50% of French customers would plan to start purchasing Christmas gifts as early as by mid-November.
  • Highlighting their status of least expensive bank in France (11 years in a row). Boursorama Banque bets on this free service (and, since repayments may not be spread over more than 3 months, it doesn’t fall within the scope of the French law on consumer credit), even if fees apply.
  • These types of flexible instalment options have been growing successful in France: they barely cause frictions on customer processes. Boursorama Banque chooses not to apply this offer to specific merchants. The amounts are instantly available and can be spent to shop online regardless of the devices.

MARKET PERSPECTIVE

  • Boursorama Banque claimed 2 million customers last September and introduced Ultim. They further focus on customer acquisition with Cli€. Also, this offer was strategically unveiled right before Black Friday and Christmas.

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