French telecom company Orange has announced its plans to launch a new bank dubbed Orange Bank.
Some of the key features of the bank include mobile payment transfers like Venmo and the availability of NFC payments. Opening up a checking or savings account is free and can be done at an Orange store or on the internet.
The telecom company also plans to have an IBM artificial intelligence Watson-based chatbot assistant to help consumers with any issue that arises. As with other traditional retail banks, Orange is also working on insurance products and loans. It also plans to have an API for FinTech companies to sync up with Orange’s financial offerings.
The hopes of the company is that it reaches two million customers in France alone. While consumers will wait until this summer on July 6 to join the bank, Orange is offering up the first accounts to its employees on May 15.