Banxy Bank

Banxy is Algeria’s neobank from French bank Natixis. Natixis, traditionally a corporate and investment bank, has chosen Algeria as the first market for its new retail banking service.

Banxy by Natixis Algeria

The First Smartphone Bank in Algeria

The combination of a mature mobile market served by a relatively unsophisticated range of banking products, and the prospect of enthusiastic state support made Algeria an ideal launch pad for Banxy.

Banxy launched a secure bank account, accessible via
smartphone, offering remote banking services available to all
and designed to make banking accessible, easy, and an essential
part of consumers’ lives.

The primary objective was to reach out to the younger generation across the country through mobile-friendly products and services, international payment methods to support travel and e-commerce transactions and a simplified savings offering. Success was met within less than a year with customers acquired across the entire territory, as far as the Sahara region!

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'Uberised' Banking

Banxy developed Bank2Me, an ‘uberised’ banking concept with door-to-door services to extend the bank’s reach so that customers never have to visit a branch. The onboarding process is done via video call which was fine-tuned to use limited bandwidth. 5 steps only are required to collect regulatory information. 

Leveraging on Fidor's open API platform, a bank account is created and activated following the collection of customer's signature while he receives in exchange its banking kit at the same time. This simplified process removed frictions for all stakeholders throughout the onboarding experience while ensuring compliance is met.  All visits are scheduled on self-service via the app giving full control to the customer and Banxy's logistics partners to ensure a speed service. Banking services usually provided to corporate customers such as cash delivery, collection and more are now available to retail customers through a simple click and order from the app.

 

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fidorOS: the platform behind Banxy Bank

Fidor provided a truly unique and inclusive digital banking ecosystem which offers a whole new level of experience for Banxy Bank customers. All products and processes have been simplified at the launch of the MVP answering clearly identified customer problems while new products and services are being introduced gradually. A multi-step fintech approach that proves to be successful as every launch exceeds expected KPIs. 

 

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Key features

   Simplified KYC onboarding via video

 

   Current Account & Simplified Savings Plans

 

  Local CIB and Visa cards

   Secure 'Uberised' door-to-door delivery service

   P2P via mobile or email 

  Security features: card activation / deactivation, real time notifications

Results

The results below are far from the exhaustive list of benefits you will enjoy.

 

First to market

Banxy is the first smartphone bank in Algeria, as the country moves to encourage mobile banking
and payments. All offers are new to the market and meet great adoption while financial literacy is increased.

 

State outreach

While Natixis has a branch presence in 28 states, Banxy Bank managed to acquire customers in Algeria's 48 wilayas ensuring a 100% territory outreach within a year, including remote locations such as the Sahara region.

 

Gen Y Adoption

With Banxy in play, Natixis establishes itself as a
pioneering digital bank in Algeria which seduces Millennials. The app was downloaded over 100,000 times in 6 months and customers onboarded align with Banxy's target.

 

Exponential increase in deposits

By gaining trust while giving access to financial services across the territory and to all, Banxy managed to exponentially increase deposits ensuring a healthy balance sheet.

 

Simplification to ease adoption

No-one likes complex processes, least of
all the young and novices to banking. Banxy is succeeding in creating new but simplified experiences from onboarding to subscribing.

 

Continual innovation

With Banxy, Natixis continues to expand its service offering with a roadmap aligned to Algeria's intention to modernise the financial landscape.

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