Published on 24/07/2023

FLOA: banking innovations for simplifying customer payments

Ever since it was established, FLOA has never stopped working on innovating and providing ever more means of payment for clients who put their trust in us. Beyond designing innovative products, our primary goal is to meet the needs of consumers and their new digital uses. Innovating just for the sake of innovating is of little value to us. The crucial thing for us is above all is to provide solutions to your problems.

Damien Lacroix, Director of Innovation, is constantly working on this topic with his teams. As he says, innovation is truly part of the DNA of FLOA. At the company, ideas come from all sides: discussions with new partners, customers giving feedback, or even issues that the FLOA business teams come across.

The motto of FLOA: coming up with ideas to make tomorrow’s payments easier.

Innovation is at the heart of FLOA’s DNA. Our goal is coming up with new ideas to make tomorrow’s payments easier. And doing that whilst keeping up with the most recent uses, new digital practices, and changes in lifestyles.

Some three quarters of Europeans (76%) make purchases online¹.

To meet these expectations, we have created split payments², which allows consumers to pay for their purchases in three or four instalments, for shopping baskets from €50 to €6,000. Today, one in three split payments in France is made via FLOA³, making the brand a benchmark player in terms of Buy Now Pay Later⁴ (BNPL) in Europe.

This product was created to respond to new consumer uses. With inflation and declining purchasing power, consumers are keen on making purchases. Providing split payments is a way of meeting their needs. These innovations offer consumers a unique and innovative experience.

“At FLOA, our teams firmly believe that the value of an innovation doesn’t lie in the complexity of a technical solution, but rather in the capacity to make that innovation easily accessible to everyone. We are choosing to simplify access to financial services so that they represent solutions and opportunities.”

- Damien Lacroix, Director of Innovation at FLOA

Developments being created to make customers’ daily lives easier

The developments we come up with at FLOA are designed to facilitate the daily lives of our customers and partners: merchants, technical suppliers, fintechs⁵, etc. Whether it’s à la carte solutions for consumers, or tailor-made services for merchants, our primary objective is the same: simplifying your payments, securing your transactions, and supporting you on a daily basis.

Whether they’re new customer journeys or new uses, the innovations we create are based on observed insights⁶. That means that they meet real needs that have been reported to us (by partners, customers, or FLOA’s business line teams).

"We’re also innovating to make life easier for everyone: our customers, our partners, and even our employees. We’re proud that thanks to our products we’re able to provide solutions that secure and support people’s day to day lives: from payment solutions to financing projects, along with insurance and credit cards with cashback⁷...”

- Damien Lacroix, director of innovation at FLOA.

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Tools and experts for creating ever more innovative products and services

To create all of these innovations, at FLOA we surround ourselves with experts, as well as cutting-edge tools. Data⁸ professionals, IT experts (developers, project managers, etc.), and marketing managers, working hand in hand to create products and services that meet users’ needs.

In terms of tools, once again, we have to be equipped for:

anticipating credit risks (using advanced scoring⁹ tools, for example).
guaranteeing data quality and reliability. To do this, at FLOA we’ve developed our own data platform¹⁰ and we use tools such as Data Galaxy, Talend, Azure Cloud.
developing our website and our app by adding chatbots¹¹ that are notably able to provide personalised responses to customers at any time. Chatbots, as well as being innovative, also improve customer experience. 89%¹² of consumers appreciate the speed of these tools.

“To create newly launched products or design the products of the future, I don’t have a dedicated team,” stated Damien Lacroix, Director of Innovation at FLOA. “Ideas emerge from cross-team collaboration. They can come from exchanges with new partners, new customers we’re providing solutions for, or issues from feedback from FLOA business line teams. Innovation is part of FLOA’s DNA.”

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This blog has been designed to support you on a daily basis. We analyse payment trends, share best practices from all our partners, and inspire you with amazing projects! All this at FLOA!

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