French banking group Credit Agricole is set to introduce a low-cost online banking service named EKO in a bid to ward off competition from fintech firms.

EKO will offer customers an account, a debit card, a mobile app and access to local branches for a monthly fee of €2.

The new service will help users keep a track on their expenses by sending them alerts when their account balance declines.

Commenting on the new service, Credit Agricole said: “It meets the expectations of a low price, as well as budget management.”