French telecom group Orange has launched its online banking service Orange Bank, which is open to everyone and offers free banking services on a mobile platform.

The bank offers real-time balances, mobile payments, banking services and virtual advisory services throughout the day at free of cost. Virtual adviser assists customers in making transfers and savings.

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In addition, the mobile-only bank offers traditional banking services including current account, bank card, an authorised overdraft, and free complementary insurance package.

Orange Bank has set-up 140 stores across France with 890 specially trained employees, to manually resolve customer issues regarding account opening and online banking service usage.

The launch, which was announced in October 2017, is part of the group’s strategy to diversify its revenue streams.

The bank’s aims to build a customer base of two million in France within 10 years and achieve revenue of €400m by 2018.

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Orange chairman and CEO Stéphane Richard said: “With Orange Bank, this is an important new chapter in our history: Orange is now also a bank. A 100% mobile-based bank that is dedicated to providing an incomparable user experience. A bank that combines the best innovations available on the market today into a single offer. A bank that will listen to its customers and constantly enrich its offer and its features to meet their expectations. In short, a bank with the customer at its heart. I am particularly pleased that our customers can discover and benefit from it today.”

The online banking service was developed after Groupama Banque agreed to sell 65% of its stake to Orange.