Adding non-banking services such as insurance can help digital-only lenders be a “daily companion” for clients, helping create an experience driven by life events rather than products, a new report says.

The integration of non-banking services such as insurance and legal assistance is “gradually stirring banking sector buzz,” the World Fintech Report 2021 from Capgemini and non-profit organisation Efma report says.

It recommends digital-only banks leverage non-bank solutions to boost user-community engagement for an “end-to-end" solution.

“These types of integrated services can position subsidiaries as a customer’s partner for life,” the report says.

It notes BNP Paribas successfully bundled services ranging from insurance to property search to movers and packers, legal assistance and interior design.

BNP Paribas acquired startup Compte-Nickel along with its digital stack and around 500,000 customers in 2017. It now operates as NiCKEL, offering its 1.9 million customers beyond-banking services, including insurance and roadside and travel assistance. It also partnered with French lottery and tobacconist associations with a national network of more than 20,000 points of sale.

“BNPP, through its various activities, is evolving from just being a bank to being the daily companion of our clients by transitioning from a product-driven approach to a driven life event digital experience,” BNP Paribas head of open innovation Laurent Herbillon said.