Most of the internet users in France are forecasted to bank online this year, although few will be doing so via a mobile phone.
That’s according to a new report from research firm eMarketer, which is out with its first-ever forecast for digital banking in France. According to eMarketer, in 2017 close to 80 percent of the country’s internet users, which stands at 33.8 million people, will visit an online banking site at least once a month.
EMarketer noted France has been quick to adopt digital banking and has taken the lead over some other developed markets, including the U.S., where the research firm said just 69.3 percent of internet users will bank digitally this year.
By 2021, eMarketer said close to 70 percent of the adult population in France and 84.3 percent of adult internet users in the country will bank via the internet. The report noted online banking activities are largely basic, like checking account balances and transferring money between accounts. Consumers in France are also more likely to manage investments over the internet than banking customers living in other developed countries in Western Europe, noted the report.
When it comes to who is leading in France, eMarketer found millennials are embracing online banking at a fast clip. The research firm found 88.5 percent of internet users’ aged 18 to 34 will bank digitally in 2017. But even among seniors 65 and older, nearly 61 percent will use digital banking in 2017, eMarketer found.
“The banking sector in France is relatively strong, and leading banks in France are more secure financially than some comparable institutions in Western Europe,” said eMarketer Principal Analyst Karin von Abrams in the report. “In addition, France’s major banks were quick to see the advantages of offering highly secure digital services to their customers. This commitment undoubtedly helped to shift customers to digital platforms.”