Orange Bank doubles its business goal on its second anniversary

Orange Bank is one of the best-rated financial apps with 4.9 out of 5 annual average in both the Apple Store and Google Play.

Orange Bank celebrates its second anniversary by doubling the business target figures achieved in its first year of life. Today, it has more than 135,000 clients and 175 million in deposits. In addition, the Orange bank has financed in this time 2.4 million devices Orange customer mobiles, worth more than 610 million euros.

Orange Bank is the first bank of a telecommunications operator in Spain, and synergies with Orange are essential. As featured in the new television campaign: «So simple, so mobile, so Orange». On the one hand, Orange’s technological and mobile expertise has been key to the development of Orange Bank’s financial products and services. And on the other hand, Orange Bank has already become one more reason to be an Orange customer; during these two years, the loyalty rate of Orange customers, who are Orange Bank customers, has increased substantially.

Orange Bank’s aspiration is to make banking something as simple and immediate as using a mobile phone. Accessible and understandable banking for everyone, banking without the need for an instruction manual, digital banking for the majority, not just for those who have financial or technological knowledge. The results to date show how progress is being made in this goal of democratizing mobile banking: the average age is 45 years (clients from 18 to 90 years old), 50/50 of clients by gender (50.6% women) and with a distribution in all regions of Spain. This is possible thanks to the capillarity and access that Orange’s commercial network allows, which by presenting the product allows breaking the digital divide by facilitating access to these services, something that is not possible for other digital banks.

Precisely its simplicity and quality have positioned the Orange bank as one of the best valued financial apps, obtaining an average of 4.9 out of 5 each month in both Google Play and Apple Store. These levels of perceived quality are possible thanks to a continuous dedication to improving the customer experience.

During this second year of operation, different functionalities have been launched, such as Bizum, where more than 14,000 clients have decided that Orange Bank is their exclusive provider of this mobile service. This year the possibility of adding money to the Orange Bank Account from a card from any other entity has also been incorporated, direct debit of receipts and payroll, or the control of expenses from the app, which allows to visualize all the movements of the Orange Bank Account in an easy and intuitive way.

In addition to completing the offer of mobile services for day-to-day banking, Orange Bank continues to offer Orange customers one of the most competitive remunerated accounts and without conditions on the market, with a 0.5% APR, which since 1 December is going to double the maximum remunerated balance up to € 40,000.

This year, Orange Bank has accelerated the growth of its consumer credit offering. Orange is the largest mobile device marketer in Spain, ahead of other telecommunications operators or any of the home appliance store networks. Therefore, Orange Bank is already one of the main point of sale financing companies in Spain, with a balance of more of 430 millions of euros in a product with high recurrence (24-30 months term) and very controlled risk.

Orange Bank also offers pre-approved loans up to € 9,000 to 25,000 of your customers. They are 100% digital loans, in which the client can have the funds in less than 5 minutes from the request (risk checks are automated and can be carried out at any time, any day of the week). This service is being launched gradually, but it already represents more than 5 million euros of balance, and this week it will begin to be marketed to 75,000 Orange customers who are not yet Orange Bank customers and who will be able to dispose of the funds without having to change bank.

The 110 people who make up Orange Bank in Spain have developed the digital platform to provide all these services making use of the latest technologies and the mobile knowledge of the Orange group. Once this success has been demonstrated, the international expansion of this innovative mobile banking proposal has begun. First, for the financing of mobile devices, as is already done from Spain to Slovakia, and later, through the launch of a more complete digital banking offer than the current one, simultaneously in several countries. In this sense, Orange Bank Spain and France are working together to build a premium offer.

During 2022 Orange Bank Spain will continue executing its growth plan, it is expected to exceed 35 million euros in income and to reach positive monthly operating margin in that third year of operation. The main efforts will be focused on increasing the portfolio of consumer financing services, in parallel with the development of the future premium offer, always with the intention of walking together with Orange customers, to simplify their relationship with money.

Small gestures, great gifts

To celebrate its second anniversary, Orange Bank is launching a social media contest to make small special moments come true for 3 of our clients. In addition, without realizing it, all participants will be contributing to fulfill a greater purpose: to make a donation of up to 10,000 euros to the Red Cross with La Palma.

This initiative that will begin on November 25 and will be active until December 9, reflects the philosophy of Orange Bank: to bring people closer to what matters most to them.

Press release.

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