Revolut, Boursobank, and ChatGPT: The Banking Revolution

The Rise of Revolut and Boursobank

According to an analysis by McKinsey reported by Les Echos, neobanks such as Revolut and Boursobank are redefining the banking landscape in France. These modern institutions are surpassing traditional banks in acquiring new customers, posing a serious threat to conventional banking establishments. One-third of French people have already adopted artificial intelligence for financial advice, shaking the last bastion of network banks.

The figures are revealing of this trend. Between 2021 and 2025, Boursobank recorded 5.5 million net new customers in France, while Revolut attracted 5.1 million and Nickel 4.6 million. In France, Revolut has surpassed 7 million customers, with an increase of 2.5 million users in just the past year.

The British fintech Revolut even reached an impressive record with 1.8 million new users worldwide in a single quarter. This growth rate is hard to match, even for Boursobank, which is a historical leader in online banking in France. Meanwhile, large network banks are showing a negative balance in terms of new customers.

The Fragmentation of the Banking Relationship

The challenge for traditional banks is not limited to customer loss but extends to the fragmentation of the banking relationship. French consumers are diversifying their financial choices, using different platforms for banking, trading, cryptocurrency, and savings. The model of a loyal customer to a single banking institution is fading away.

Sébastien Lacroix, senior partner at McKinsey in Paris, explains to Les Echos that "the concept of a primary bank has lost some of its meaning." Revolut has capitalized on this evolution by offering aggressive pricing, modular offers, and above all, immediate responsiveness—features that traditional bank branches struggle to provide.

AI, a Disruptive Player in the Banking Sector

Competition is no longer limited to the banking sector. About one-third of French people already use AI assistants like ChatGPT for financial advice, with a frequency of more than twice a month. This figure even reaches 45% among wealth management clients.

This translates to at least 24 advisory interactions per year with an AI, a level of engagement that traditional banks find hard to achieve. A bank advisor, consulted once or twice a year, cannot compete with a tool that is available 24/7, free of charge, and without waiting time.

Despite these changes, large French banks continue to post impressive financial results, supported by a recovery in consumer credit and solid fees. However, this performance masks a worrying reality: they are losing the direct connection with their customers, a role gradually replaced by AI, which is stealing their last competitive advantage—personalized advice. Revolut has seized this opportunity by developing its own artificial intelligence for financial management and advice.

An Uncertain Future for Traditional Banks

Between 2021 and 2025, Revolut and Boursobank attracted 15 million new customers in France, far surpassing the performance of traditional banks. One-third of French people are already turning to AI for their financial advisory needs. Large banks see their advisory role threatened as customers prefer tools like ChatGPT to manage their finances. This evolution is pushing traditional banks to rethink their model to remain relevant in an increasingly fintech- and AI-dominated market.