Hello, everybody. Here today, although virtually. I hope we can meet again soon. I'm going to switch to French, but the presentation will be translated as we go along.
Thank you for coming in large numbers to this workshop, which now can be said to be traditional. This year's workshop is about the consumer finance, and Jérôme Grivet, who is Deputy CEO, will make a short introduction. Thank you.
Good day. I'm also very happy to welcome you for this workshop. It's the third of its kind. This year, we decided to speak about consumer finance. I have with me, and they are the ones who will be mainly speaking, we have the Crédit Agricole Consumer Finance team that will be making the presentations. I will just make a few words of introduction, first of all, to talk about the SFS operational department and/or services, which is one of the four main business lines of Crédit Agricole S.A. You see, it represents nearly 13% of our net income.
Now, the second typical feature here is that it is at the heart of the creation of synergies within Crédit Agricole and within Crédit Agricole Inc, as you can see. We expect from it about one quarter of these very famous revenue synergies, which have been helping us since 2019 to grow our top line. On the next page, a few details. The business of consumer credit, CACF, which is Crédit Agricole Consumer Finance. Just a few short words about this. First of all, to tell you that this business is developing not only its own business, which will be described at length, but at the same time is key in the support provided to the group's retail banks to develop their business of consumer finance with their customers. This is true for Crédit Agricole Caisse and for Crédit Agricole Italia in Italy.
Secondly, as I said, and I'll come back because it's key, this consumer finance is really at the heart of our synergies between the various business lines within the Group. Let me mention the insurance business, which benefits hugely from the distribution capacity of CACF, as well as the payments business line. As you know, obviously, payments and consumer finance are intertwined. Thirdly, and there again, my colleagues will come back to it far more at length. The consumer finance is really at the heart of our thinking and of our work in order to develop what we call our client or customer project, which is about the excellence in the client relation in order to develop innovation. You will see and hear many examples in this regard. Let me end with this quick introduction. I am staying with you for the whole workshop.
I'll be able to answer, if necessary, to a number of questions which would be addressed more particularly to me later on. Immediately, let me turn it over to Stéphane Priami, who is the Deputy CEO of Crédit Agricole S.A., in charge of the SFS division and CEO of Crédit Agricole Consumer Finance. Over to you, Stéphane.
Good day to all of you. Very happy to be with you this afternoon and share with you CACF strategy and our mission for the coming years. I will be with Valérie Wanquet, Jérôme Grivet and Richard Bouligny, we'll be alternating in this presentation. I joined in January this year, CEO of CACF. It was a difficult year, you can suspect, of course, it was so full of exciting things that we want to share with you this afternoon.
I have a 35-year career in the group, nearly in every business lines, regional marketing, general inspectorate, compliance, and I spent five years as a CEO of Sofinco. I know quite well the business lines of consumer finance. We will present the history of CACF around several points. First of all, come back to CACF's outline so that you get a good grasp and good information about geographic locations in our business. I'll come back around the 2019, 2014 or 2019 years. Not to go back to the past, we will see many interesting elements for the current period and for the coming period. We'll see mainly the reasons behind the success of CACF and the key points that allow us to be confident about the future.
Then we'll get an update about one key element this year, which was the COVID crisis, and we will explain what we carried out so that you can see that the company is solid and was quite resilient. Then we'll be focusing on the coming years with truly for us the priority to growth and to development. We really want to develop CACF for the coming years. We'll be translating this because it's important into financial targets, then it will be the end of this presentation. Before your Q&As, I will wrap it up. Coming back now to the presentation of CACF.
CACF or CA Consumer Finance, we are present where we want to be, namely in places where growth and the functioning of consumer finance seem to us interesting, also in areas where we can benefit from our major partnerships in order to ensure them a presence in the main countries, especially in Europe. Well, at CACF or Consumer Finance, there are three vessels, Sofinco, Agos, and FCA Bank, which represent a major share of the business. There are other entities that are smaller, but which are holding up well in their market, in countries that are significant for us, such as Portugal, Spain, not long ago, by the way, Spain, Germany, and outside, I would say, of Europe, we also have location in Morocco and another joint venture in China, which is an old joint venture with which we are very happy.
There are two other locations mentioned, one in the Netherlands, but as you see, we decided now since September to leave from the Netherlands, and we have a location which does a lot of consumer credit, but not linked to CACF, which is Crédit Agricole Bank Polska. We mentioned this, of course, to be comprehensive about the consumer finance business license. Slide is interesting. It shows what I was mentioning, that is, there are three entities that are significant in terms of volume of business and contribution to profitability. Sofinco, Agos, and Creditplus Bank, and we see that the other entities are profitable and active. We have as well one recent business, SoYou in Spain, and one which is suffering a little bit from the market in Morocco.
Further remainder, you will note that this year, with the COVID, nearly in every entity, we gain market shares, and we'll come back to that. This is certainly due to the modernity, which is specific to us, the digital element, and the commitment of our staff, which help us achieve these results. A graph now to show you that for us the choice is significant. We chose to be essentially in Europe because the model is fine with us. It's a model where we want to be in direct relation with the client. It's very much a Crédit Agricole model, and we are present also where we can have direct relations with customers, which is the case in China. We've indicated this graph to show you that in our choice criteria, the risk is a major element.
We are not present in geographical regions which opted for a different growth-risk balance. We are in Europe, and you will see we are doing our business in Europe quite decently, but in a region where we have the risk under control, essentially because the share of the renewable has reduced dramatically, especially in France, and because other businesses such as credit cards is less developed in Europe. CACF business is comprehensive. We are present in the range of the possible offers. In terms of consumer credit, it involves amortizable credit, a traditional one which adjusts quite well to certain types of properties. Of course, we also have the so-called crédit renouvelable, which produces a level which is still very important.
Two elements also which have been important, which is the buyback of loans or credits, which has developed a lot when we talk about this, about buying debts. This might not sound to be in a very good state. That's not the case. Most of this market is made up. I'll give you an example. Typically, the person who will be retiring in one or two years and who still has loans that are amortized and wants to spread out knowing that the pension revenues will be down by 30% or 40%. They want to spread out their expenses. They make sure that their debt are bought back, so to spread this up with more maturities. Lower, this is very interesting, very often. We also are present in the LOA, the leasing through joint venture in the automotive business with Agos Sofinco.
We also Agos in business in the LOA, which is the leasing and purchasing. This is something we put in place several years ago. We're present also on technological goods, iPhone, iPad, et cetera. There are two commercial activities that we manage. One which is key for us and for our customers in terms of insurance products, and we have also a savings business outside of France in order to be able to ensure our self-reliance in terms of cash. The range and the offers are wide, present in nearly every country, as I just described. Saying this, we have three sales distribution systems, and that's also very interesting if we want to understand well the challenges of our business.
The first distribution is the short circuit, the direct one, if you want, which allows us to have the end customer face-to-face directly who contact us generally because they saw something on the web about us, or there were some targeting actions. We get back these customers and give them their consumer credit. They turn out to be very interesting, and historically, we do a lot of cross-sell and up-sell. This will be our growth prompts in other circuits, but in the short circuit that anyway, we do cross-sell and up-sell. That's when the customer is with Sofinco. We have many data concerning him or her, so it's quite easy to ask him to join us for other, for insurance maybe, or ramp up in regard to the loans already acquired. The second distribution channel is quite significant for us. That's the partnership channels. They are numerous.
They are in the retail business, in the auto industry. They could be also businesses on the outskirts of cities who sooner or later need consumer credit to help their customers buy their goods. They provide us these customers. This is why we call this long circuit, and this is a business which is quite significant and which has grown tremendously. The interest here is to give out the first loan, which is important for us, and possibly insurance if possible. This is a progress we need to make, and we'll talk about this for the future. We need to improve in relation to what is done in the short term. We can make progress quite hugely with the cross-sell and upsell. The third business is the white label or service providing. We provide all of the added value, which is necessary for consumer credit.
It could go from the scoring aspect through the internet, to the tool to key in in cash or with our partners until collection, and everything we can do when you're involved in consumer credit. Historically, we do this very well for the LCL and Caisse Régionale where we acquired such experience. Agos, for example, works with Banco Popolare di Milano and Crédit Agricole Italia, where we provide that service with a range that is comprehensive. This is a major axis that we want to further develop of providing across Europe because we believe that we have the right tools for that and because we feel it's the right moment. As you can see as well, and I will prove this to you later on. For the time being, just believe my words.
We have really grown tremendously in the digital and in data, in the digital ecosystem, not only on the web or in underwriting, but also in every ecosystem that helps drive customers onto our internet sites, whether through listings or, as I said before, through targeting or retargeting. This is certainly a key factor and something that allowed us a very strong resilience during this crisis year. Now, we will come back to the history between 2014 and 2019, where I will show you the very good performance of CACF during these five years of performance in terms of profitability, in terms of sales, in terms of business. What is the origin, as a matter of fact, of that success story? Well, we identified six or seven of them. The first one is the customer base. We have a customer base that is extremely powerful.
I'll show you this soon. We have a partnership base. Our partners in the long circuit are diversified, very often prestigious, and have a quality customer base. We have that digital expertise that helps us to deal with these customers. We have a joint venture model with FCA Bank and our subsidiary in China, which is very profitable in a high performance, which has boosted our business there. You will see with a degree of resilience to risk, which is very strong. The insurance business, regarding an entity with Sofinco, 20% of the net banking income comes from the insurance fact. Also the commitment of our teams in moments such as those we are experiencing now, all of us. As a manager of a company, I believe this is what matters the most.
In terms of commitment and involvement of our staff, we have very good results, and I will show you this in a few minutes. We'll spend some time on the financial performance on the base of customers, 14 million customers. Usually, their data are very well enhanced. We have many elements on these customers, so it's a working base, which is significant, in addition to being not fixed, because each year we have major acquisition actions. You can see entity, what comes from the short circuit, the direct customers, and what comes from the long circuit, these figures are adding up mechanically in a way. To give you an example, we have about 300,000 customers who are cross-sold on a regular basis. This customer base has been coming through our partnerships and through the short circuit.
We have diversified partners in every sector of the economy and generally quite prestigious. Of course, the direct distribution, that is the Crédit Agricole brands or the brands of our partnership, Wafasalaf, for example, in Morocco. After that, there are the retail banks in the group that distribute our consumer loans or credits. We have an automotive share, which is significant, such as GAC in China and the Fiat constellation with FCA. We also have brands where we are major actors like Suzuki, Piaggio, Fiat, and you will note as well, and it is prestigious brands such as Ferrari and Maserati. It's not inconsistent with the consumer credit. In France, the Maserati business is financed through consumer loans. Distributor of consumer goods or properties, this is a long circuit that is more traditional. With beautiful Fnac Darty, IKEA, Roche Bobois. You can read that risk each time.
These are customers who are fine with us, that we like. They present degrees of risk that we control quite well, that we can manage, that present customers who often are of good quality. What is lacking in this list, the Apple brand, which we haven't mentioned. There are institutions. This is a key factor. It will be one of our growth drivers. We already work today outside of the banks, of the group, of our partners. We work for institutions such as GMF in France, this is a major development driver for us. Maybe now to show you the power of the partnerships that we have, especially in difficult periods such as the one now, there's a short video that was prepared for you with Enrique Martinez, the CEO of Fnac Darty.
Confinement. In a few seconds, we should move for our pure player role. We try to accelerate our performance in online to compensate the figures on stores. The partners, in particular CACF, they help us to accelerate all the financing in online, in particular for the credit cards, and they're all consenting for the contract. That was what helped to accelerate the performance in online. After confinement, what happened was magic. Thousands of customers come back to the stores. They were waiting for the store open again. We mobilize all the teams and forces. With CACF, we decide to move our commercial planning, in particular to the extra two-month delay for the first payment. That help us all to catch new customers for the figures.
What is important to do now is we re-sign a new partner, a new long-term with CACF for the next 10 years. In this partnership, what is important is we count on this contract to create new figures, new business, thanks to the credit facilities. There's a lot of work to do to move on the figures that we expect, around 10% penetration rate. What is a huge challenge for everybody, but we believe that everything we will put in place in terms of technology, commercial planning, support, et cetera, to manage through that. We believe on this movement, we believe on this mobilization for the teams, that we count a lot for the next 10 years with this beautiful partnership between Fnac Darty and CACF.
You have here a good example of a successful partnership, which should be lasting for at least 10 years. This is based on lots of engagement, dedication, and skills, but also a lot of digital technology. Digital customer journeys involve three things. They involve, first, digital journeys to be accessed directly by the end customer. This is of great importance. Number two, digital customer journeys that can be incorporated into the customer journeys of our own partners. Always a bit complicated to fit within an existing management system, but it's very successfully done. Another important factor is that digital technology for us is instrumental for us to work from home, work from a distance, especially after the lockdowns.
Commercially, right from the beginning of the lockdown measures in France and elsewhere, we gradually were able to work from a distance, work from home with these tools, including with our end customers who these tools basically use an ecosystem because, of course, they are intertwined with other tools. We have two sources to capture customers, new business, to cross-sell, and trade with our 15 million existing clients. The first is what we call the cold data. That is a data lake with queries and lots of cross-referencing of data to identify the right points of contact, the right marketing moment, and right channels. Very useful in marketing terms, but very useful also in risk measurement, risk assessment to calibrate the risk and credit scoring. Then you have the hot data, which are the most valuable in marketing terms.
Thanks to data management platforms and good and well-targeted marketing actions, you target the shoppers and end customers when they surf the internet. All this is of importance. We consider that we've reached a good level of digital maturity in our organization. In passing, we believe that we have less to invest in those tools to disseminate them, of course, capitalize on them, and not to invest in developing them. This was the result of an ecosystem which was developed based on the right ideas, on the smart ideas from employees. We have labs, for example, in Sofinco, where some employees with great ideas help develop solutions. One employee in Sofinco, as an example, rather than asking a customer with payment arrears, rather than sending their checks, like in the old time, to—
Authorize and enable customers to repay their loan installments by credit card. This didn't come from outside consultants or top managers, but from the bottom up, from employees. We have a second vector for generating innovations around our partnership with Google, with YouTube, and other large corporations. We have very close collaboration with universities now. Speaking about it is one thing, demonstrating it is another. You have here a listing, which was done for France, for Sofinco, which gives you the rating of the bank across a number of criteria, usability, fluidity, efficiency, support, and Sofinco comes out as the financial website which combines the greatest number of these attributes, the easiest to trade for customers.
The next slide basically brings us to another environment, and we will now show you the performance of our automotive joint ventures from 2014-2019, which accelerated the growth of Crédit Agricole Consumer Finance. Thank you, Stéphane. It is very nice to be able to present the results in the automotive business. As you can see, we've showed robust performance, and the performance and efficiency of our JVs was outstanding in late 2019. Outstanding was close to EUR 43 billion. That is EUR 42.7 billion, including EUR 33.2 billion originating in our automotive joint ventures, showing an improvement of automotive outstanding by more than 62% in the last five years. This was driven by the momentum and dynamics in our joint ventures, up 85% in outstanding in the same period. All this built upon very robust fundamentals, which are showed here on the right-hand side.
NBI at 4.3% revenues on outstanding. Cost of risk, which remained very robust, very resilient. Cost income ratio, 30 basis points of cost of risk, but not increasing by more in 2020. Pre-tax net result, with contribution improving by 18% on average. Contribution by the automotive joint ventures, improving their contribution 18% per annum in the last few years. You are here focusing on the ecosystem which has been successfully operating, the automotive ecosystem. We have one gem. We have one golden nugget for which we wanted to zoom in. This is Leasys. This is the long-term rental company for the FCA Bank group. This gem is meeting the needs and trends of the market, meeting the needs and the changes in needs, which basically have shifted from owning a car to using a car, providing supports to the new types of car, to electric car and electrified car.
Leasys operates on its core business of long-term rental business with developing new types of solutions, short-term rental services, car sharing, car subscriptions, including new services to support the acquisition of electric vehicles. You have the example of My Dream Garage, which basically is a dedicated offer, making it possible for electric car renters to use another car than the electric car for 60 days per year. Making it possible for shoppers to buy electric cars or rent electric cars. Leasys, with its very flexible range of products and services, has turned from a long-term rental company to a fully flexible rental company from a few hours to a whole lifetime. You have on the right-hand side, the contribution to FCA Bank's growth, with FCA Bank's growth being 11% on average. Well, Leasys has been contributing double this rate. That is 22% of contribution.
A gem, and a very successful one. I suggest we go to Rome, Italy, at the head office of Leasys to hear Giacomo Carelli, the CEO of FCA Bank, who will tell us more.
We see that the consumer preferences are definitely moving towards the new engines and the new technologies. We think that the rented economy will be prevailing in the years to come, and that's why we developed this business line at FCA Bank called Leasys. We created a large network of Leasys mobility stores. We want, through the Leasys mobility stores, develop innovative way of promoting FCA and other brands' vehicles to the market. Today, every Leasys mobility store is fully electrified so customer can experience 100% electrified mobility at our stores, and you can find them pretty much everywhere in the country. We have them in Italy and in France. Certainly, the new trends of usage versus ownership, along with the electrification of the fleet, are the key and most important elements of innovation of our product offering.
As you can see, this performance makes us extremely proud of this Leasys company and the joint venture business. I will give the floor to Jérôme Grivet, who will tell us about the insurance part of the business.
Thank you, Stéphane. Insurance business is a source of diversification in our business model. It's a second business line in the Crédit Agricole Consumer Finance, building upon robust base, starting from its diversification. You have here the product mix, built around creditor protection insurance, protection of financing, protection of property and people. It is a business which has posted more than 5% of collected premiums per year.
It is performance which builds upon the demultiplication of best practice inside consumer finance, building upon the insurance operating division in the Crédit Agricole Group, tapping into the best possible practices and initiatives in the various geographies to capture the needs and expectations of our customers. Our goal is to reach EUR 1.2 billion in insurance premiums, these dynamics and momentum building upon a more balanced product mix, a business model which we've wanted to have more balanced sources of revenues, with fees on the one hand, and profit sharing on the other hand, to manage the economic cycles. Also, we build upon the engagement and commitments of the teams on innovation in services, our business line is very much focused on innovation in the field of insurance and in the field of additional services, we'll tell you more about it.
Now, I would like to focus on one point of great importance to me. Until a few years ago, it was a bit difficult to quantify. That is the commitment and engagement of employees. It's become more easy to measure after the engagement and recommendation indices were introduced. For consumer finance, we've had a long history in these ERI surveys. 81% is our ERI score, much above the average in Europe in the financial services, and we are extremely proud of this score because in the question items which are asked are questions on trust in corporate strategy, understanding the strategy, commitment, and engagement in the company. These are fundamental parameters which have enabled us to weather the crisis. Another source for boosting employee engagement is that we commit even more to develop the community or society pillar.
You know that Crédit Agricole has three pillars, including the society pillar, with one longstanding theme of inclusion, banking inclusion, financial inclusion, including, of course, consumer credit for us, with lots of education to explain to the future prospective loan takers what consumer loans are about, how they work, and it is an opportunity for us to reducing excess debt over indebtedness in the countries where we operate. The second area where we had a longstanding presence in society commitments is the fact that every business entity chooses its own areas for assisting and supporting. During the crisis, we invested more than EUR 1 billion to help the old people's home, nursing homes, the Red Cross, and other NGOs and relief organizations.
The consumer finance teams have been working hard via a number of charities and humanitarian activities to be present in society, not just to give money, but to give time as well. One innovative area is in the middle, that is impact on climate. We want to play a leading role to improve things in two ways. Number one, to improve the way we operate with assets, the carbon footprint of each one of our entity and unit to reduce it. Number two, we offer consumer credit. That is, we need to help, jointly with our partners, of course, the consumers to consume as responsibly as possible so that consumption is as beneficial to the planet.
This is what we do while trying to develop so-called circular economy, trying to come up with actions and measures jointly with our partners to use and consume our tools in as sustainable a manner as possible. With respect to the next slide, I will call Valéry Lucas-Leclin , who, and you have seen the four speakers, and Valéry will review the financial results of this strategy from 2014- 2019 with a key point. Basically, financial robustness is what counted in early 2020 when we had to face up to this harsh crisis.
Thank you very much, Stéphane. After this quick review of the key assets in consumer finance and its pillars, I will now review the key financial performance indicators. As Stéphane put it, we have approached the health crisis with very robust financial parameters.
Number one, we had very buoyant business activity in late 2019, more than 92 billion in AUMs and loan origination close to EUR 45 billion, with good contribution and good net income. As Richard said, this growth was largely driven by the insurance business and the automotive industry, with insurance accounting for 17% of our NBI and the automotive JVs with good growth of 18% per annum, which Richard mentioned, has been contributing to the bottom line with respect to the equity line to EUR 292 million. Above this, we have very robust ratio, cost income ratio at 49.3%, and cost of risk on outstanding, following the turnover of Agos at a low level of 128 basis points in late 2019.
All in all, our financial performance has been very satisfactory with a net income group share of EUR 644 million, growth that I would call exciting, and a RoNE of 17.7%. This has been one of the key factor for improving profitability, that is our control of risk. We showed here the change in our ratios since the last crisis from 2012- 2019. Cost of risk, which is showed here on the left-hand side in the economic picture with a joint venture integration, went from 410 basis points down to 100 basis points in 2019 with a spectacular turnaround for Agos with cost of risk of 110 basis points. This structural improvement can be seen in our NPL ratio, which went down by more than five points over the same period.
This success we owe to a number of structural measures, both with Agos and the rest of the group throughout the cycle, starting with the credit granting with stricter scoring all the way to debt collection, which is a key part in consumer finance with a very steady receivable assignment policy, which cleans our stock of non-performing loans. We benefited from a better balanced product mix with a share of revolving loans going down by eight points over our total AUMs. These structural improvements can be seen when we compare with our direct peers. You have here, once again, the economic performance with the line-by-line joint venture view. When we compare with bank one, with a similar profile as ours, and bank two, which is more focusing on automotive. NBI on AUMs, our ratio is satisfactory, close to bank one.
With respect to cost income ratio, one of the key assets for consumer finance, we are much below bank one, but we come closer to bank two, which benefits from a cost income ratio of 30% on the automotive business, and the same goes for cost of risk on outstanding.
Thank you, Valéry. End of 2017, early 2020, as from the 1st January, we had to manage the first COVID crisis in China, and after that, it unfolded continuously throughout the year, as was the case for everybody. Some highlights regarding CACF. The first one, this ability nearly, during the first day to manage massive remote working. It was very efficient and commercial. It was able to continue, and the staff could continue to deal with customers remotely.
It is important I showed you the digital ranking, for example, of Sofinco. Behind us, there are traditional competitors. There are some fintechs as well.
The reality is that in such a crisis, you must be able to muster teams. CACF, its 10,000 employees, we managed to do this massively by redistributing the functions depending on the needs, especially in March and April, where our commercial activity was not great. We managed proactively and in a very specific and serious with our customers, moratoria. Nearly 400,000 moratoria were handled. This allowed customers, first of all, to weather the storm or the wave, or it enabled a contribution to the economy. Then also we handled very professionally, this moratoria will help us, and it helped us, by the way, to break out of it in a quite favorable way. It led also to customer satisfaction rising strongly.
We were with our customers during the hardships, and we were close to our partners and to our customers during the recovery when there were some improvement periods. This translate into a referral index going upward. All of this has encouraged our people in having a very positive opinion about the action of their company in relation to themselves, to the customers, and towards the society at large and the economy. As you know, this period commercially was hard. What did it give rise to commercially? I'll ask Valérie so that she presents the impact in terms of risk. Commercially, in terms of sales, in other words, next slide. Yes.
Before that, by the way, there's a video I want to share with you, which builds on two messages from the group's HR managers from CACF, which show the commitment of our teams during this difficult period.
Hello, everyone. The heart of the project is to serve the customer project, shorten the time to it. Our goal is to propose to all our customers and to put in front of them an employee who is to serve them and to respond to their demand as quickly as possible. We structured a human project with all the group's entities around three pillars. The first one is to make sure our managers are not standing still and make sure they are empowered in order to take the responsibilities we give them. Finally, we have to reconsider our organizations, modernize them, make sure they are flat.
One of the strengths in this is the commitment of our people. The latest study tells us 81% of our employees say they are involved or very involved or committed for the group. That's seven points more than last year in a period. We know the context. 91% of our people tell us they are proud to work for the group, CACF. That's eight points more than the standards of financials in France. Etienne and Pierre, the HR manager of one of the largest entities of the group of Sofinco, to give you further details in the deployment. For Sofinco, the human project is to support the customer project, especially in the time to yes, which is a formidable weapon to gain market share. Three points to be at the heart of the project.
The first one, first of all, is to train our managers to have a more powerful managerial posture, make sure we instill confidence in them, self-reliance, and empower them. We will coach top management, and we will train 500 managers in France on this first item. The second item now. You can be the best French manager. If you have above you six or seven managerial layers, you'll be stifled. The second lever is to simplify our organization charts by cutting the number of layers. That's the second point. Thirdly, is to reconsider, revisit the patterns of decision-making and of delegation, making sure that our decisions are taken faster and taken by the people who are directly connected with the customer to move faster, and therefore improve the time to y es.
Being close to our customers, this is what we attempted to do each time the recovery periods were possible. What we will show you now on the left-hand side does illustrate that. Obviously, as everyone did, we had two months that were tough. April was extremely tough, and half of March and half of May were also complicated. As from the beginning of the lockdown, we were already preparing with the sales teams, the partners, the moments for the recovery. Anyway, we tried to prepare ourselves in terms of communication, et cetera. The effect appeared very quickly. As from June, we find again, levels of production and new money, which are quite strong. Well, initially, people thought that it was due just to a bounce back or to dead cats bounce.
You can see then that again, we are in a period of normal production or new money, which is active as well. It's normal and active, yes and no, but in June, we're still 85% of our staff working remotely, which shows again to what extent the digital capacity and the modernity of CACF has allowed to manage issues. Again, if we isolate the third quarter, which is even more market, as you see, because apart from Agos, Wafasalaf, and FCA Bank, which I will tackle in a few minutes, everyone is making progress compared to last year, so in relation to a year without any COVID. I would like perhaps to specify two things for FCA Bank. The minus four is not huge, and by the way, there's some catch-up there.
Wafasalaf, as you know, the situation of lockdown and COVID management was difficult, more difficult than in other countries. Wafasalaf is suffering from this directly, for Agos, the -13% of business is mainly in the short circuit. Despite all of this, with stabilization of Agos market shares. No worries, Agos really was in sync with the market. Another recent piece of information now on Sofinco, the wave of lockdown in November didn't have the same impact compared to April. You see the business in number of cases or files in April was -65% in April, right from the first days of the lockdown. In the second wave, we are around 10%. By the way, the business has been up and running now for 10 days in a very strong way, including compared to last year.
These elements, of course, are significant. They're about the company, the way it's organized, how we manage our sales in a period which is going in a choppy way with different steps, lockdown, end of lockdown, et cetera. It's important to look at the impact of COVID on risks of CACF for 2020.
I'll turn it over again to Valérie.
Our cost of risk in 2020 increased compared to 2019. It was multiplied by one and a half at the end of September to reach a ratio of 188 basis points. Essentially, that rise is related to the normative provisions that we took on sound and non-performing outstandings based on IFRS. It includes notably the forward-looking that is for anticipating deterioration of the economy.
We have 76% of the hedging at the same time. It was mentioned by Stéphane, we massively rallied around our customers to support individual people and professionals, especially auto dealers. We granted more than EUR 1.5 billion of moratoria. Having said this, we see in our operational indicators, and thanks to the effectiveness of our collection teams, that the moratoria are refunded on time. At the end of September, there were 75% that were coming, and 98% were reimbursed. This major rallying was made possible, especially thanks to abundant cash. It is one of our strengths, as you know, our ability to self-financing, which has risen markedly around 59% in 2014, up until close to 90% now, and still 84% at the highest level of the crisis. We reached that self-financing thanks to refinancing sources, a highly diversified policy.
We are present in the markets, especially we are one of the leaders in the European market of securitization. You can see the ranking of 2019. We also are involved in collecting deposits from our retail customers and institutionals. Mainly in Germany, we collected more than EUR 9.3 billion of these deposits. As you see in the slide, it eroded slightly during this crisis, which is still very resilient. We did it on purpose because these resources are more expensive than the market resources. Both the control of our risk and the control of our cash enables us to be very confident about the end of the sanitary crisis.
At this stage, we moved to a company from 2014 to 2019, structured itself, acquired lots of robustness, profitability levels turned out to be quite high, and above all, with two modernity elements, the human factor and the digital factor. These elements, as we're showing you, to weather the crisis in a fairly adequate way. This is a starting point which is very good for us as from 2021 to make sure we have strong growth prospects. What are these ambitions about our future growth? I will yield to Valérie and speak about the financials in a while. Of course, about this growth, we will push forward in our medium-term plan. We will provide some acceleration points to our medium-term plan.
Now, in terms of on the digitalization, essentially, we will circulate all our good digital practices to all of the CACF and all the business lines of CACF. We wish to reinforce our activity in the cross-sell of the long circuit. I told you before that unlike the short sell, the upsell, and the cross-sell, we have a potential of progression which is very strong. On the automotive, we want to amplify and develop what we do with our joint ventures, but at the same time, because that's a reality, there's a need to work much more on the automotive market in the business units such as of Agos, Creditplus, and Sofinco, in reality, outside of the joint ventures and of our subsidiary in Portugal. The CACF entities don't have the natural market share in the automotive sector.
We will take major initiatives to find again or find at all these market shares. A third prong, which is very important, is servicing. Servicing, while we used to do it, we have shown you before our activity. It is very strong in the regional caisses , in LCL, very strong in Italy. It is also very strong in many places. We are used to servicing. We believe that today we are at the point of focus of two central elements. The first one is that we have tools that are digital. We have the expertise in this field, the ability to propose innovative solutions to the market. Secondly, we believe that all the reorganization that is taking place in the financial or banking or insurance market in Europe can create, can develop further activities of consumer finance. They can count on us as a service provider.
We can do this in a very relevant way. We want to push this forward. In our medium-term plan, we talked about societal commitment, and we talked about green financing. We materialize a little bit further this, and we quantified it. I will turn it over to Jérôme again.
The digital, how will it make it possible for us to speed up and drive the growth presented by Stéphane? We invested in the past in digital tools, which are at the heart of the intensification of our client relations by combining the human with the most modern tools. Digitizing means journeys. Thanks to digital tools, we want to improve customer experience, make it as simple and smooth as possible, and for this, we have worked.
While prompted by our partners, you saw this, we have a few pure players and companies considered as the most modern in terms of customer experience, especially those based in California. Thanks to them, we learned, we are pushing the overhaul of our customer journeys to make it as sound and fluid. We also are thinking about this renovation of our client journey. We want to route it around mobile first, for several years, we considered the mobile as being the interface tool that is central in the relationship we have with our customers on a daily basis. It's in the pocket. This mobile-first strategy, we'll pursue it and strengthen, upgrade the omnichannels, create a relationship and interaction and contact from a branch, through the phone and through the web.
All of this, make sure it is seamless and make sure it is the most modern way as seen by the customer. You can have fluid and simplified experiences with customers, only if we work on ourselves and we have some macro processes that will deliver our services on two major processes seen by customers as being a source of progress, and where we need to intensify the relation we can have with them. We decide to work on fully overhauling the onboarding, that's very important, and off-boarding, so that we can reduce not only the waiting period. We have started actions on this. We have ambitions that are very strong.
In the long circuit with the partners, we want to have a time to, yes, of under 15 minutes, one, five, and on the short circuit and in the automotive, the time to, yes, below 48 hours. We believe it's a major differentiating factor with regard to experience of customers. If we do our work well, if we work on our processes by simplifying and automating, logically, we create customer satisfaction, and this is a satisfaction, we want to measure it. We have already, where we listen to our customers in a significant way, want to enhance it, to understand better through verbatim what customers perceive, and better understand through the verbatim what the customers would like to have, and work and improve. We are in a circle, which is virtuous.
Now, the goals associated with the digital ambition is that which we want to have by 2021, 70% of digitized production. We're already at 63% at the end of 2019 and have less than 15 minutes time to yes in the short circuit and 48 hours or less on the short circuit. As Stéphane said, an asserted ambition and driven by all the managers of the CACF, be number one in terms of the strategy across all our markets.
Digitizing the business, as I said, you have here a process, a flowchart, for the loan granting process for the automotive business. This process came out in the voice of customer surveys, came out as cumbersome, lengthy. We asked our employees, as part of the bottom-up process, to work jointly with our customers to improve it. You have on the right-hand side, the resulting process with fewer FTEs working on additional creation of value. We have more satisfaction. We have time to yes, less than 48 hours for this process. This was a question of automating our processes and engaging our employees to provide high customer satisfaction. You know, one key component in our business model is partnerships. Partnerships to generate new business and cross-selling these customers is a key source of our performance.
We want to keep supporting this model by finding new partners, retaining them in a pan-European manner, building upon our strong geographical presence and our strong expertise and know-how. We organized this new business acquisition to do that by building upon our modern and robust tools and experience in digital tools, and we'll be working on increasing the offer payment and consumer loan convergence, because the point of sale, be it physical or online point of sale, are key touchpoints for customers to open new solutions for personal loans, for services, for support, for additional options. We are jointly developing this with our partners to increase diversification and differentiation. We'll be working on two areas, allocation, rental services, and subscription, which is a key innovation for providing new types of use and additional services.
All this takes on more purpose and meaning if after new business acquisition, the expanding of the range, digitalization of processes, if we can cross-sell via the data management tools we've developed. We can today build upon data intelligence and data management tools to better understand how to cross-sell and how to better organize the support we can provide to customers to meet their needs, how to best detect them, how to best anticipate and develop the solutions. I suggest we illustrate our point thanks to our digital tools, thanks to our data lakes and data labs, our key data management expertise, and the close connection and collaboration they have with sales and marketing tools. We've developed a tool which is highly symbolic of what we at CACF offer.
It's a common joint tool for all employees from the CEO down to the account officer, providing us with the best possible cross-sell tool, best possible performance management tool. I suggest we have Richard now tell us about the automotive business.
Thank you, Jérôme. To go on with the automotive business, we told you how powerful our joint venture we're operating. We want to accelerate the expansion in our business units, our development goal is to focus on the universe of mobility. There are two main areas. The first is to boost our range of products and services in existence, the second will be to build upon our partnerships and to support our partners.
With respect to boosting our range of products and services, to demonstrate the point when we told you that Leasys was a gem, a golden nugget, we will be adapting to mobility trends, shifting from owning a vehicle to using it by extending our long-term leasing solutions. We are creating a specific organization dedicated to long-term rental, which will be called CA Rent, Crédit Agricole Rent, to support these new trends and to amplify the range and robustness of our credit solutions to hybrid, to electric and rechargeable vehicles for both personal and corporate clients. It will be a big source of growth and development for next year. We will be accelerating our business in the second-hand market via online business development. We have one very nice, fine best practice in one of our business unit, which is focusing on the second-hand market, which is Credibom in Portugal.
We've launched a marketplace which is specifically dedicated to second-hand cars, which is called PiscaPisca. One of our source of growth will be to internationalize this marketplace across all our operations, across all our countries. Finally, we'll be expanding the range of services in support of our products by creating the largest possible range of services across the three possible layers and level of services, covering financing, of course, including creditor protection insurance or borrower's protection, as well as flexibility services extending the terms, maturities, why not? Also services on financing property. We are focused on cars, of course. Conventional financing, extending warranties, managing tires, for example, financing, servicing. In the past, I would have told you about managing fuel, but I'll tell you about managing energy and, of course, protecting people and financing to people and supporting our partners is the critical move.
Our partners first, the car makers, as first partners by serving them as a true captive. It is important that our partner car makers have a captive without having their own bank, building upon the digitizing of the customer journeys via our innovative tools. Our best example is the partnership we have established with Tesla, where we are full digital in our services. Thierry mentioned it before, it was important for us to support the dealers' networks of the car brands, and we used innovative tools to do that to support the dealerships. We did that from the beginning of the crisis, and we hope to take them through the end of the crisis.
We'll be providing lots of support and assistance to all of our distributor and retailer partners with whom we are trading already and with whom we'll be trading by supporting their sales networks and tools, but also by providing tools for them to help retain their shoppers and customers. Thanks to our innovative tools and to our customer-centric culture, we'll play a key role in transforming the act of buying a car. No doubt, a car is no longer bought as it was before the crisis. In fact, you don't buy the same types of cars today. They are more electrified or more electric than in the past. We won't be delivering the car in the same manner. We have a role to play in this shift, thanks to our new tools, innovative tools, electronic signature, and digital tools for both retail and commercial customers.
Jérôme, over to you for servicing.
Thank you. You have understood it well that we've gained experience with the retail banks in France and Italy. On the back of years of cooperation, collaboration, we've acquired special knowledge, know-how, and expertise, which we want to disseminate across all our operations outside of France to capture more partnerships, including financial and banking institutions. We have a value chain with a number of components, and all of these components we want to disseminate. This experience, in fact, accounts for some EUR 21 billion in AUMs. We got organized to do that by setting up a group-level team to work on developing the offer, on developing the distribution model, on developing an acquisition plan, a new business plan.
These offers are currently being deployed on the back of our innovation and will be focusing on meeting the needs and specifics of the various countries while deploying our powerful sales and marketing forces around our insurance products and services as well. In the context of these banking partnerships, our key differentiator is for these banks and financial institutions to accelerate new business on consumer loans and on the back of our solutions, which are sources of further growth, for which we will be providing special support and assistance. Our goal is very ambitious, to acquire more than 10 new banking partners by 2022, and for the retail banks in the group to generate one additional percentage point of market share versus 2018. We have a high level of ambition as well to fuel our growth going forward, focusing on community and society and needs and requirements.
As Stéphane said, we want to play a key leading role around green finance, green financing. I won't tell you how important and how buoyant and strong and vibrant this business is around the world. How will we do it? Why should we do it? We are fully legitimate as we already have existing business operations around private wind farms, wind energy, and other types of business. We'll have two main areas. One on automotive, as Richard mentioned, what we'll be doing, providing support to develop new trends around new types of user needs and the so-called clean cars or clean vehicles. We want to play a leading role in financing these vehicles with our joint ventures, with our partner brands, with our distribution channels and independent retailers and agents in Europe, the so-called hybrid, electric or thermal engines, low consumption engines.
The second area will be to work with private individuals to support their energy transition, their energy renovation, home renovation, through all products to contribute to improving their homes. We want to be a key player in supporting them via our financing and credit solutions. Saying it is important, doing it is more important, communicating it is also very important. This is why we signed in the early part of this year with the French Public Authority, a so-called charter called FAIRE, translating into English as to do or doing. We have lots of initiatives in France and elsewhere showing the fact that we want to be a key player on personal energy transition, and we have ambitious goals on the order of EUR 1 billion a year of loans generated by Green Finance 2022. Focusing on our ambition for 2022, starting with France, with Sofinco.
Our goal at Sofinco is to generate organic growth around three drivers. The first of these drivers will be to increase synergy within the Crédit Agricole group, retail banks, building upon our tools, our modern systems, facilitating customer journeys across retail banks with a tool called Digiconso , and the insurance business, as Jérôme said earlier, which is a key component. We are an important distributor of insurance products. Sofinco needs to improve its cost-income ratio and reduce its cost, and we want to prioritize our partnerships as part of our business model. That is to expand the business base to cross-sell as a tool for economic performance. Agos in Italy, pursuing organic growth, building upon two areas.
The first is the short distribution channel, building upon the internet channel, to go online and to support the shift to online via partners or in our direct business, and a long distribution channel on servicing, leasing, and financing in the automotive markets. As Richard said, we have spaces for further growth and development. A real theme across these business activities will be insurance product and servicing, where we have high ambition jointly with Agos. Then we have Creditplus in Germany. Creditplus is a challenger in its market. You've seen the market share.
It's a challenger for whom we have great ambitions with respects to business development by gaining market share, and also by building upon the knowledge and expertise and knowhow of the group, sharing best practice in terms of servicing jointly with the German financial institutions, and by expanding the range of Credit Plus services, including revolving solutions. In the Iberian Peninsula, we want to maintain and reinforce our leadership in the car market, in the new and in the secondhand car market with the PiscaPisca operation we heard about, and to diversify our business through new partnerships.
Across the two automotive joint ventures with FCA Bank, we want to enhance the value of this strategic partnership, we've written that it was a strategic partnership, building upon Leasys, which is our golden nugget, which is a true, modern, innovative new tool for China, which is an impressive market by essence. We want to develop new offerings, including leasing solutions.
Thank you, Jérôme. To illustrate how consistent our business development plan is across our business units, and to focus more specifically on servicing, let us hear Belgin Rudack, who is the CEO of Creditplus Bank in Germany.
Hello, everybody. It's a pleasure for me to talk about our white label solution. At Creditplus, we have a diversified and well-balanced business model. 50% is long channel and 50% is short channel. This is our strength. In the long channel, we offer customers white label solutions for big partners. In these partnerships, our partners use our best-in-class digital front end and benefit from our innovative technological solutions. In the automotive sector, for example, we have partnerships with Piaggio and Suzuki. Our solution for Suzuki is called Suzuki Finance, a service of Creditplus Bank. We are very happy that we are winning new partners. In November, we will start an exclusive partnership with Peugeot Motorcycles in Germany. We also offer our white label solutions for banking partners. Here, for example, we work together with BW-Bank, a significant player and well-known bank in Germany.
BW Bank use our consumer loan services and our front end with its own branding. In 2019, we realized almost EUR 40 million new business and over EUR 5 million net banking revenue with them. Due to our high customer and partner orientation, we are also able to win new partners, such as Exane, who has chosen to work with us. We have a strong, promising pipeline. What do we offer our partners in the white label sector? We offer them all our digital services. That means functions such as Doc'Up, which our partners can upload and send documents in seconds, or digital signature, which enables paperless contract conclusion at the retailer. Why do partners use white label solutions? I think branding is a driver here. Our partners want to accompany their customers with their own brand in the financing environment, but they lack the technology, expertise, and knowhow.
Here we come into play as experts. We help our partners to increase their sales and give their customers a perfect customer journey. For Credit Plus, we also get valuable customers and customer data. This, in turn, allows us to introduce these customers to our short channel to cross-sell and accompany those customers for further financial needs.
Well, I will now turn it over to Valérie again so that we hear the financial outlook for this development plan. Over to you.
After having seen all the development levers considered over the medium term, now let's see how they translate into goals over the medium term. We have still three-year goals. We want to reach them for 2023 with one year of difference compared to our 2022 medium plan, especially regarding the outstandings, since we have in 2020, a problem due to the health crisis. Thanks to initiatives that were presented to you now, thanks to a strategic project based not only on growth but also controlling our fundamental ratios. We want to reach, as from 2022, our targets. This is our assumption of the cost of risk, and we want to have it under control and our profitability, which we want to reach at 15% in 2022.
Well, certainly, there are many uncertainties. The environment is complex. Let's see now how our capacity to control these goals play out. Let me start with our revenue, our net margin of risk. We have seen two periods. The first one, I have already explained it, from 2014- 2017, the structural improvement was there. The second period, more recently, is characterized by rate-related drops and volatility. In this environment of lower rates and with strong competitive pressure, we are planning a small erosion of our margins, but strong resilience, especially, I draw your attention to the September 2020. The dotted line curve represents our margin restated from the impact of the COVID.
We ambition a margin at 4.5% economically, and we believe we should stay around those lines in the future thanks to revenue diversification mentioned by my colleagues and also continuing the optimization of our financing. Let's go now to expenses. We have a program in terms of operational effectiveness called Nest, and which aims both to improve the quality in relation to our customers. The time to, yes, improvement is an example that was illustrated, but also significant savings regarding our expenses. There are several families of actions presented here, of course, controlling external expenses, challenging demand, putting our supplies on competition, for example, shared services, and also regrouping our tools, especially the IT ones, whenever that is possible.
This cross-cutting program comes along with a proactive program country by country in order to move to our cost-efficiency ratio, which is 46%, especially at Sofinco, where we ambition to bring down from 54%- 50% this cost income ratio. Our automotive business is at 30% in terms of cost-income ratio and should remain there. With all these actions, we have the ambition of reaching an economic cost income around 40% over three years. Now, in terms of the cost of risk, we are continuing all our structural actions, firstly, improving our customer knowledge with mainly here, the uses of tools, automating also things so that should allow us to continue to fight against fraud with automatic ID controls. For example, here you can see the savings at Sofinco in France should be EUR 6 million in this field of fight against the fraud.
In 2022, we want to enhance and modernize our scoring tools. We are speeding up and transforming this with, for example, the diversification of the data we use for scoring via open banking thanks to aggregators or by using data coming from social networks and also techniques of artificial intelligence, machine learning, for example, to use all these data. Thirdly, optimizing our collection, rigorous, efficient collection, especially in regard to early collection, better segmentation of our customers, which should allow us to have savings. For example, here in France, EUR 7 million-EUR 20 million over three years in regard to collection. I yield now to Stéphane for the conclusion.
Well, for the conclusion, you will find a summary in writing.
What I want to convey here is a conviction from 2014- 2019, I think we built a solid group with CACF, profitable, a powerful leader in the European market, and well-balanced, well-structured. What is very important, we have driven modernity on two social aspects, on managing our people and our personnel, and on the digital, anything related to data and innovation ecosystems. Now, the crisis that has just unfolded was weathered satisfactorily by CACF with a starting point interesting in 2021 because the crisis showed also three things. First of all, the importance of what is digital. Secondly, the importance of the commitment of our staff. Thirdly, the consumer finance market is still bullish and consumers need this, and we've seen it at each reopening, even partly of the economy.
Consumer loans or credits picked up again, now more modern, probably, closer to our customers, driven by committed employees at any rate. We are confident about the fact that CACF is quite well equipped to face that future. Clotilde, over to you.
Thank you, Stéphane, very much. Thank you for this presentation. Let's move to the Q&A session. Let's start with questions over the phone by analysts. You may ask questions in English or in French, as you wish. Press star followed by digit one on your phone, give your name. If you want to cancel pound. If you want to ask a question press star followed by number figure digit one. There are three questions, and the first one. Go ahead.
Can you hear me?
Very well, thank you.
I have three questions.
The first one, I would like to understand better, industrially speaking, the reason of the gap between the short and the long circuit in terms of the acceptance rate. How much there's such a difference between 15 minutes and 48 hours or two days? Could you explain further the reasons about such a differential? Why such a gap? Is the scoring different? Could you explain a bit better that difference? Secondly, regarding your ambitions about the automotive business. I didn't understand the structural difference between leasing and CRM. CRM is different from leasing. I don't see exactly what the difference is, and I'd like to know also because when you have Arval or such monsters who are very large, what is your ambition in terms of number of cars that would be leased or rented?
Lastly, FCA, which has been traditionally aligned with the Fiat Group, Seat, I mean, as you know, there's a link-up project between Peugeot and Fiat. I'd like to know if such a link-up or tie-up is a source of opportunity or a threat, or doesn't represent anything. Thank you.
Thank you for these questions. The difference in terms of the acceptance time limit depends on processes. Is it synchronous or asynchronous? For example, the IKEA one is synchronous. However, when you are with a car dealer, very often it's asynchronous, which accounts for the difference. You have to reduce it to its minimum. The target for synchronous processes is 15 minutes. On asynchronous, at two days, it's decent. Sometimes we are widely above it, and this is what we need to correct, especially by cross-cutting our best practices. For example, the IKEA solution or the Tesla solution.
We need to generalize this to our other partners. The second question was about Leasys, if I recall, or Leasys. I will turn it over to Richard in a few seconds.
The difference might sound a bit complex. It's very simple. Look, we are shareholders at the rate of 50% of FCA Bank with FCA, which is our partner. Within FCA Bank, there are consumer credit activities in every European Fiat dealership. FCA Bank has developed an activity, first of all, of LLD of leasing and then mobility via an entity called Leasys, which distributes across Europe mobility tools for rentals or leases. When we talk about CA Rent, it's different. CA Rent is an entity that will be managing LLD or leases for the entities such as Sofinco, Agos, Creditplus Bank. First of all, we start with France next year, and we are distributing this to all our channels.
For example, for Sofinco, could be Sofinco itself and the Sofinco brand, or we already at Sofinco do EUR 1 billion to the automotive business. We don't have any long-term leases, but on Sofinco, we'll be able to distribute CA Rent. Perhaps also, as you know, we have a product, Agilauto, that enables the LCL, the regional banks to distribute cars in their network. We are developing this. We will be able to add or plug into this, the possibility of coming along with long-term leasing. Leasys is something different from, say, CA Rent, even though we want to rely on the expertise of Leasys to do that. I'll yield to Richard now for the goals, our targets.
Stéphane has said so many things. Just to specify that in the world of long-term rentals, there are two main types of players.
Leasys is part of one of the two categories, and CA Rent will be part of the other category. The first types of players are the long-term rental companies. Leasys is the captive one of the group. You see, Location is a long-term-Player for Renault. CA Rent will be part of the 2nd category in the same way as Arval or ALD, but Arval was created 31 years ago, and ALD was created 22 years ago. In other words, in the long term, rental companies, multi-brands, independent CA Rent will be in that category. We are coming in a market of long-term rental, is very mature when it comes to companies, because Arval was created 31 years ago. However, the good piece of news is that we are coming while the trains are still in the stations with regard to long-term rental for personal, for private people.
This is ramping up really in the case, by the way, of the COVID crisis, with the support of acquiring new technology vehicles, the hybrid ones or electric cars, where customers feel more comfortable with these rental formulas. The good piece of news, we are totally on time when it comes to the launch of that activity for personal people, for private people. With regard to our targets, look, we are working now on the creation of that 100% Crédit Agricole organization, 100% dedicated to long-term leases, and do this probably at the end of the first half of 2021. I think we'll come back to you. We will certainly write down the next stage of our story about this. On the creation of Stellantis, obviously, we are very positive about the recruitment of two beautiful European brands.
Look, we have been working for many years with FCA, and in relation to your question, it's not topical because our agreements with FCA last until 2024, so we have enough time to see how it plays out. There are two things to add here. First of all, you saw it's a partnership that is efficient, profitable, and I think that CACF has played perfectly well the role as partners during the crisis. You saw the amount of moratoria that were granted to dealers, especially, a good part for F CA bank dealers. We were proud to contribute to their support. We were right there. Secondly, I'd like to add that we are shareholders. It's not just a simple commercial contract. We are shareholders with FCA, that is Fiat, in FCA Bank on a basis of 50/50. You've seen the structure of the company.
The financial mobility that is required to bring about some moves. This is not something on our radar right now or special.
I thank you very much for that. Next question, John Wade from Goldman Sachs. Over to you, sir.
Thank you for the presentations. I'd like to ask you a question about your growth strategies starting now. We saw that there were growth of assets under management in line with historical trends in the presentation that summarizes the financial targets. I'd like to know what you think you can succeed in terms of split between the joint ventures relative to what you manage on your own.
Above all, I'd like to know, for example, when you see tie-ups of banks as we saw in Spain, where you started a joint venture, what do you think about starting new joint ventures in the future, especially in Spain, where consumer finance was more highly penetrated than in other continental European countries? What you consider in terms of your joint ventures and geographically, regionally, in terms of new markets, what do you intend to do? My second question is in terms of your cost of risk, I'd like to know what you are able to see in terms of checks or controls, in terms of joint ventures versus what you plan in terms of in-house, quote, unquote. Did you have control problems or some takeaways during the COVID crisis?
I will answer to the first question in the way I understood it.
Today at CACF, we don't have any growth will in other countries than those where we have already entities. I give you the reasons again. First of all, because we feel that today we are present in markets which are profitable, that we can control in terms of cost of risk, and secondly, which also have a quality, which is to be within our model of distribution in terms of consumer distribution. We also look at the impact on our partners who are present in different European countries. Going beyond those countries is not part of our planning. There are different kinds also of partnerships. The first partnership is the traditional partnership in the distribution, like with the Fnac Darty in the retail business that we could have in other countries where we are doing business. We are working on this. No concern with that.
We are ready to be extremely active there. The second type of partnership are those we mentioned, which are a major focus for us, which are the partnerships where we can sell our service to banks or to other financial institutions such as insurance companies, and be paid for that, and make sure we provide a good quality of service and the professional tools we have. This is where we are focusing the most, by the way. There is a third focus, which is joint ventures. In the countries where we are, we have joint ventures, which often are exclusive. There you have partially the answer to your question. Let me add to this that our plan is focused rather on organic growth. Within that organic growth, we are adding these partnerships in white label, which we want to commercialize.
Now, for the risk, I will turn it over to Valérie.
On cost of risk, I would say there is a difference with the automotive joint ventures in a structural manner. Automotive joint ventures are asset-based with respect to debt collection. You have differences, depending on the countries, but you have the possibility of repossessing the cars and selling it. Structural difference, as I mentioned. During the health crisis, what we've done, in a conventional manner, we've shared and pooled our risk management approaches, our reporting systems, and our strategies across our business units. Entities and joint ventures have been part of the process. During the health crisis, we took a number of very strong measures. We increased the debt collection forces and resources. We very strongly engaged all of the employees to face up to the increase in moratoria. We shared and disseminated best practice in as quick a manner as possible.
Thanks to this collective habit of sharing best practice in our group. We worked on updating all of our debt collection policies. There's a fundamental difference between the asset base, i.e. automotive business, and the non-asset base. Generally speaking, the joint venture business units are fully incorporated into our risk management system, and this was proven during the health crisis.
Thank you very much. The next question is from Delphine Lee from JP Morgan. Please ask your question.
Yes. Hello, everyone. Thank you for your presentation. Well, I have three questions, in fact. I'll be brief, though. The first is to come back to Agos to try and understand something. We heard that the crisis had a more significant impact on the outstanding this year. Can you give us some substance on how the business activity is faring during this second lockdown period? Are you expecting an upswing next year? Can you give us some updated information on discussions you are having with the Banco BPM group on the potential IPO upcoming or the equity stake? My second question is about Italy, on CreVal, to try and understand what is your angle, what is your take on this acquisition? What does it mean tangibly for the consumer finance business activities of the group?
My last question relates to what you mentioned on the market share for the automotive business market share being slightly below the natural market share, which should be yours across the board. Can you quantify your goals in this respect over the medium term?
Well, let me answer the last question. On the market share. Well, basically, we stand between 12.5%-14%. If you take Agos and Sofinco in the aggregate. On the automotive, the market share is between 8% and 10%. We still have leeway. In France, EUR 1 billion in new business. I would like us to get closer to the EUR 2 billion mark within the next two to three years. This gives you the direction and the goals we have for ourselves. With respect to the CreVal side of the business, as we have Jérôme with us, Jérôme will answer you.
With respect to CreVal, Delphine, says Jérôme Grivet. As we said when we presented the project, our ambition is to make CreVal one of our operation in retail services in Italy, which will be distributing all of the specialist services. This already is the case for life insurance products and services. When there are existing contracts between CreVal and some outside parties, we will see how the end life of these contracts will be managed. Our goal is that this should be an opportunity to extend our distribution capacity in Italy.
The acquisition and integration of CreVal will certainly be an opportunity to extend the distribution capability of Agos in Italy. With respect to Agos, I will give the floor to Jérôme Grivet.
To make sure I understand well, your question was on the level of business activity of Agos. Let me say that Agos, like many Italian businesses, in fact, took a big hit under the COVID crisis, which was quite harsh, especially with the short distribution channel. Agos has a bit more than 230 sales outlets, branches, and banking branches, so a very closely connected retail network with their customers. The lockdown has a big impact on that. Quite quickly, Agos shifted its sales and marketing forces where it was needed. That is to debt collection, to support the management and handling of customer requests with respect to rescheduling of payments.
Also, and this showed its agility, shifted its forces to e-commerce, to online business. Our Italian business partners have websites, and they were able to shift part of the sales and marketing forces to work in business development and maintaining business activity levels. Not offsetting the impact of the crisis, making it possible to maintain, to sustain the business, and even take new positions, providing a new differentiator. We went from one to eight, the sales and marketing forces dedicated to online business, who are trained and qualified in supporting long-term relationships with remote selling with our clients. For the future sources of business development, Agos will deploy its forces in the automotive business, especially in the secondhand business, in the insurance business, where Agos was able to actively respond to the IVASS reform a few years ago.
We have a distribution capacity to provide insurance products and services, to provide coverage for protection of people, of property, and Agos developed new services. In the area of long distribution channels, while we are in the acquisition phase last year, this year, and again, next year, we got a partner like IKEA. These major client acquisitions boost our sales and marketing activities. We've reinforced our business development capacity with the digital journey capacity with our partners on the premises of our partners and in the short distribution channel and new acquisitions with the largest range of services across all our products and services.
There was a question on Banco BPM, and Jérôme will take it.
Yes, as you know, we have an agreement in place following the share loan agreement, which was signed last year, re-signed last year with Banco BPM, which had a number of milestones. This milestone was pushed back based on common agreement. The date for this was pushed back. We will get back to you as to how we deepen and shore up our relationship with Banco BPM in the near future.
Thank you very much. Thank you. The next question will be asked by Lorraine Quoirez from UBS. Do ask your question, madam.
Yes, sir. Thank you. Thank you for this presentation. I have three questions, in fact. The first is to know whether you can give us your analysis on the competitive landscape, especially following the COVID crisis.
My second question is to know, with respect to green finance, if someone wants to buy an electric car, is a green loan less expensive than for the same type of loan for a diesel or a petrol engine car? Whether the cost of resources, I believe you issue green bonds, right? Whether the cost of these issuances are less costly than conventional issuances. I understand that you will be maintaining your current margins based on the successful diversification of revenues. Should we expect lower margins in 2021 to facilitate and anticipate a turnaround in 2023? Are you aware that you'll be having and maintaining stable margins across the period, that is, all the way to 2023?
With respect to your last question, says Stéphane Priami, we presented to you and explained to you this three-year plan of ours. I won't tell you more about that. Now, as to the previous question, I think that Jérôme Grivet can answer it.
With respect to the market, thank you for your question, says Jérôme. You know that the consumer finance market in Europe, let me focus on Europe here, is based on two special models. The model we have for ours with BNP and Cetelem on long distribution channel as universal as possible, and a differentiating model very much focused on the automotive market. These two big models, all competitors took an impact with the COVID crisis. I won't say whether they do better or less. It will be your cue to say. What I can tell you is that we've maintained our market shares.
We've maintained our market shares. We've even gained market share in France. We've gained market share in Germany. Against these competitors, we are building upon a very strong differentiator, which is customer servicing and close connections with our customer. Stéphane said it earlier, versus our competitors, competition will be won by way of customer service, customer support, rather than lower rates, lower prices. Our customers want partners. What's new after this crisis is the demonstration of closer bonding, closer connections, seeing that the best-performing partners are those who offer the ability to listen to customers, offering quick services, fluid services with the most innovative range of products and services, and the largest possible range of products and services with new purchasing experiences, and this will be the differentiator.
You have new entrants, you have new players on very specific areas, affinity players like Laval or more digital players, more digital pure players who want to expand into our territory. Irrespective of the new entrants in this market in Europe, their tendency is to be a universal player, playing along the same rules as we do with sharing best practice and offering the most universal range of products and services to the broadest possible customer base. Differentiator will be the servicing. Remember that our consumer finance model is that of Crédit Agricole of having the most comprehensive model, being very good at digital technology. We showed you that at Sofinco. We are good performers in digital technology, and we want to add the close customer connections. We've done 380,000 moratoria. You don't do that when you don't have fully engaged and very close customers.
This is the only viable, only sustainable model, we believe. There was another question on green finance and green loans. I almost forgot it. Let me answer here. With respect to the terms and conditions, when we issue terms and conditions on green loans, there are several options. Either the conditions and terms are provided on interest rates or on ancillary services or options like a service being offered free of charge to facilitate the green loan and the green purchase. When we go towards lower rates or ancillary services, we do that jointly with our partner. It is really a tandem offer, trying to come up with the best possible solution to have the customer buy the car with the right, most appropriate loan. It's a package. There's no mechanism for special refinancing for green products. That's Crédit Agricole Consumer Finance.
The green bond part of things, you will see this with Crédit Agricole, how they manage that, how we manage that. The consumer finance plays its role in this. Our role is to play with our partners to best sell the product and the credit to push and promote green finance as much as possible.
Thank you very much for your answers. Next question. We do not have any more questions in French, we have a question in English.
Your question from the English line comes from Giulia Miotto from Morgan Stanley. Please go ahead.
Yes. Hi, can you hear me?
Yes. Good afternoon.
Hi. A couple of questions from me as well. The first one, I'm interested to understand what sort of data do you collect from your customers that helps you understand basically their needs beforehand? How does open banking help you? For example, are you able to see which customers are on unemployment support, and therefore could be most at risk should the government withdraw the stimulus? That's my first question. The second question on cost of risk. I understand your guidance for the three-year outlook, but if we look forward 12 months, can we say that 2020 was the peak, or do you expect potentially higher cost of risk next year if and when unemployment picks up? Thank you.
I will take this question. Let us answer in French. Thank you for your question. On the type of data we collect to explain what type of data we collect to understand our infrastructure and our philosophy at Consumer Finance, we invest in data and data collection. When we can use it is fundamental. We don't collect data if there's no need, client need, or our own internal need to manage the business for cross-selling. We use data intelligence, structured data intelligence to enhance the type of management and the type of intelligence we get from handling the data. Now, with respect to data management, and data collection, we have business tools we use, a core banking system which generates structured data.
This structured data. We feed it into our algorithms, into our engines to do either an anticipation of the customer needs to go for targeting, to go for segmentation, and we have DMPs, data management platforms, or anticipating contacts and contact points, whether they are weak or strong signals with a prospective client or existing clients on the way they want to structure their project. This data is being collected, being turned into structured data and feeds into an enhanced knowledge of customers, of customer journeys, across distribution channels, points of sales, mobile first, as I said earlier. It can also be in the branches. It can be via forms. All this data is being reinjected into the processes and systems along with the business applications that enhance our business knowledge. They serve, enhance the customer knowledge, and they serve our ability to manage internally.
The data we collect are double types of data. These are business-related and service- and project-related data, and the data we retrieve from outside, having captured by way of our tools, by way of our partners, having captured data which give us knowledge on the intents, the motives of the customer, strong and weak signals. You have data which is cold or hot data, as Stéphane mentioned. All this is fed into the data labs, data lake, which we've presented to you, which make it possible to work on origination for the data lake or for researching and creating innovation to enhance customer knowledge, which is the data lab. Have I answered your question?
Pardon?
Is it possible, for example, for you to know whether someone is on an unemployment support scheme? Do you collect that type of data or not really?
Sorry. [Non-English content]. Yes, you are.
[Non-English content ]
We collect all kinds of data that help better understand who is the customer, what's their pathway and their behavior relative to a purchasing situation, who they are as individuals, as an element of a segmentation, and what they do, how they do it. What is their pathway? We have digital touchpoints, so-called economic data and behavioral data and other data, the interaction we have, which creates data. These three dimensions, economic, behavioral, and business line, are combined algorithmically and predictively, and are used internally to better serve the management of our customer knowledge. To draw a parallel with your question on risk, we have many data scientists at CACF in the various business units and also in the corporate center in the head office, and their usefulness is in looking at the data with two aims.
The first one is a marketing aim, the second aim is about drawing up a scoring and high-performance awarding conditions. How do we do our job? One or two figures first. When you contact a Sofinco customer, for example, there's 70% odds that it'd be accepted and 30% that it'd be turned down. If you are on the web, where it's on a 50/50 basis, therefore, we refuse many files or cases. We don't want to have our customers take risk or be in excessive debt, or we believe it's not reasonable for them. We are very demanding about the quality of the loans and credits we might take out, and even more because we are part of the Crédit Agricole than other institutions. What can we say for this year in this regard?
First of all, as indicated by Valérie, we've taken a charge or provision for sound outstandings or loans. If there's a deterioration that comes along, we should be able to face up in the cost of risk this year. We have included this. The second figure I want to share with you is as of today, nothing leads us to think that there would be a risk deterioration. Every advanced or forward-looking indicators are green. Two of them with regard to Agos, for example. It's true in Italy and in Germany as well. Since September, the collection entry rate is down by 11% compared to last year. 11% fewer people who are part of collection and 5% more of people who move out of collection. We have forward-looking or advanced indicators that are good than the future being uncertain.
We are in a period that is complex, but as of today, nothing leads us to say that the risk is worsening. Not at all. In relation to unemployment, remember that in most European countries, those in which we have a business, currently there are some unemployment incentives. If there are dismissals or in most countries in Europe, this is in place. In addition, we are equipped to manage this kind of issue. In normal periods, there are EUR 450 million of cost of risk, that's what we had in 2019, 2018. We are used to managing risk. It's part of our model. At any rate, what I would like to stress here is that as of today, we have no advanced risk indicator that would make us think that we would deteriorate the cost of risk.
Thank you.
Your next question.
Thank you for this very interesting presentation. I have three questions. On slide 56, to come back to a previous question, with the reversal of provisions in the third quarter, you get the impression that there's no provision surpluses due to the COVID crisis. What matters is the training of stage 3. Of all the forecasts about unemployment next year, being what they are, don't you think that the cost of risk should be rising? Why would that connection with the unemployment rate that would deteriorate next year not work? On automotive partnerships, to understand the major size that you have in Europe, what is the strategic interest for Sofinco apart from cross-selling? Sorry, the interpreter does not hear everything. It's spotty now. Finally, on slide 46, correct me if I'm mistaken, I don't understand why you show us the margin.
I think the most important variable was competition and interest rates. Do you think that the pressure on your margin in France is worse than for your competitors? Now for the past three years, we see that pressure. It's difficult to compare the differences. Sorry, it was spotty for the translation. I will let Valérie answer your first and third question. Now regarding China, it's a question of point of view. We have a historical, old partnership, which is holding quite well, which is profitable and allows us to benefit from the Chinese growth. As you saw, we have growth potential for servicing as well there. In my view, this is something which is great for us. Valérie.
On the cost of risk. The slide again, please. Thank you. On this slide, you see the changes on a quarterly basis.
I will not go over the details now. In relation to your question in the third quarter, minus EUR 100, I did not mention that during that period, we put in place the new definition of defaults. As a matter of fact, beyond the provision effect, there's a transfer bucket effect which is related to that. If you look now at the cost of risk in the third quarter 2020 at EUR 127, it is close to the third quarter of 2019 at EUR 121. If we put aside this scope effect with the new default implementation, we see that the operational indicators are good, and we have a wave of increased risk, which is in the second quarter during the health crisis. At this stage, we are at the end of the moratoria. We have a good return to 98% across all the moratoria that were granted.
Hopefully, it answers your question. Now on the margin. We've shown, to show the decline in rates, it's the OAT curve. We could have chosen another one. We are saying that in the last two years, 2019, 2020, there's a sharp decline in rates to which we are exposed like the other major players, but with our resilient and diversified model, this decline in rates is very much softened, and we still have solid margins despite that lower rates environment. Certainly, there's a competitive environment which is much stronger due to these rates, which is important in France, especially, and on the business side, in terms of diversification of our sources of revenues, and it has an impact by optimizing our refinancing costs. We want to be able to absorb that shock or dampen that shock.
Thank you. Anke Reingen, the Royal Bank of Canada.
Presentation and taking my questions. Apologies that I'll be asking in English. Firstly, coming back on a question earlier on from Lorraine about your 2023 targets. To be honest, I'm a bit surprised that they're pushed out in time given all the initiatives that targeting 2022, where you're running at the 9-month stage. You mentioned volume growth is lower, but are there any other factors why the profitability of the business slows down before it improves again in 2023? Secondly, on the digital model, you said above 70% by the end of 2021. I wonder, given the current circumstances, do you think we will be looking at a much higher rate, 2022, or the legal or procedural barriers, the digital percentage increases materially?
Just out of interest, what's your rejection rate for digital application relative to a non-digital application? Thank you.
Your first question. As I mentioned, there's a difference of one year, especially on the outstanding which related to the COVID crisis. We're keeping up our three-year growth of EUR 20 billion growth. It's the essential element in terms of the differential. Now, with respect to profitability, our goal is to maintain it through different actions, especially offset these eroding outstanding through other levers. We've talked about insurance in this regard, about servicing to other banks, and the long-term leases, et cetera. We are continuing, and we are very efficient about this. We've shown it to you during the previous period, through the cost-income ratio, controlling our expenses. We were able to adjust very quickly to a change of the environment to adapt our structure and expenses during the crisis, and we control the cost of the risk.
This is why we have three-year ambitions, or goals, which are very ambitious, to say the least. On the digital, if I understood your question, how to explain for such 115% growth and see if the differential wasn't done through technical or legal barriers? Let me tell you where we come from and where we got there. Now, four and a half years ago, we were about 15% or 17%. At the end of 2019, we were nearly at 40%, and we want to be at 75% of digitized environment. Well, we broadened up as much as possible the digital element in a customer journey. Regardless of the entry or exit in this omni-channel, our customers go to the branch or the end through the phone or on a website.
Whenever we can, we try to introduce the digital element to simplify the process, simplify the journey, and make the experience smoother. As you understood, we have physical journeys of our customers. In that case, they don't want to have a digital experience, and we respect that. At the same time, we provide support to the needs of the customers. There's a highly pushy element from us. Whenever we can add some digital element, but there's still places where the customer, for different reasons, will want to have a more traditional approach, and we respect that. If we can do more, we'll do more. If we can do more, we'll do more. That's the message you should take away.
The acceptance rate on a personal application?
The digital acceptance rate? I don't know. Was it before or afterwards? I'm not sure I understood your question exactly.
Basically, what's the difference in, are more loans rejected if they are requested via digital channel or if it's going via a personal approach?
As Stéphane said, through the distribution channel, we have differentiated approaches, and this is what should be taken away in the explanation we can give you today. In other words, we pay attention depending on the channels that we have based on our experience to have the right scoring models so that the awarding is as secure as possible. You'll find differences physically or digitally or on the phone or full web. Differences are related mainly to the customer segmentation. It may influence the digital, but once again, awarding scoring or the fraud scoring are put upstream to be able to justify and have the best onboarding with the customer. There are differences, as Stéphane said, between the physical and the digital.
Thank you very much.
Your next question comes-
Stefan Stalmann. [Non-English content] Does this more retail or more dealer orientated? The second point relates to your overall managed loan book. I'm not sure if I missed that information in the presentation, but could you give a rough indication of how much of your managed loan book is actually funding dealers versus retail borrowers? The third question goes back to your insurance business. There are various numbers in various places of the presentation. You mentioned one is EUR 1.2 billion insurance premiums. There's about almost EUR 600 million of premiums in Crédit Agricole Assurances.
I can back out that in CACF, it's 17% of revenue, so that's almost EUR 400 million. How do all these things add up to each other, and is there maybe a gap? Related to this, if you're generating EUR 1.2 billion of insurance premium in a banking business, which excluding insurance, is probably around EUR 2.4 billion of banking revenue, essentially NII and fees. That seems like a very large cross-selling ratio, lots of insurance revenue relative to the banking business. Can you talk a little bit about what insurance products you sell predominantly, and whether the client typically separately signs these insurance contracts or whether they are part of, let's say, wrapped products, where he pays just for one product that includes an insurance component that may not be so visible? Thank you.
I'll take the first question on China. The Chinese operation is totally self-financed. The Group CACF does not intervene on Sofinco, it finances itself in the market with securitization, with great success, with conventional means, interbanking and the like. Richard takes over now.
GAC-Sofinco has the two wholesale and retail financing activities. The business activity is mainly focused on retail financing. More than 2,200 dealers that are being served by GAC-Sofinco in China. This is the first automotive market in the world. Forecast is more than 22 million cars being financed for next year. Let me also take the opportunity to say that this is the number one market in the world for electric vehicles. Half of the electric vehicles sold in the world are sold in China. To us, this is a way to learn. It's a great learning curve with this type of financing.
Now, the Chinese market still is predominantly an OEM market, that is a new car market, which means that the retail share of this new retail business will keep increasing with new sources for growth, like the second-hand car model, which doesn't exist yet. The more we go from a new car market to a renewal market or second-hand car market, the more second-hand business will be a source of renewed growth in China. The more services to retain, for example, to service and to retain customers will grow as a component in the business model.
Let me take over, says Jérôme, for the insurance part of your question and some educational information on insurance mechanisms. We distribute a bit more than 2 million insurance products.
We collect EUR 1.2 billion in premiums, and there's a split between what is done with the Crédit Agricole internal insurance units, and next to that, you have revenues you capture and you keep. It's basically a funnel approach. We have EUR 1.2 billion in premiums, and basically, you have a bit less than EUR 600 million NBI, and we capture revenues on the back of that, which shores up the NBI for the Crédit Agricole Consumer Finance. With respect to the diversification and development of products, we have conventional insurance products. We have the Creditor Protection Insurance, CPI. We had 80% of our revenues originating in this product.
Now, in order to support the needs and requirements of our partners and customers, we want to move into protecting people, protecting property and goods, extending warranties in a car, services offered or insurance services offered in order to use a new smartphone, for example after 24 months, after 18 months. This is an expanded range of services which is being built up by other internal sectors of the group or by partners of the group, moving away from the niche markets, which basically boosts the sources of income by way of so-called the penetration rate. That is how many insurance products and services can be sold to existing customers. Basically, in order to do that, we benefited from the fact that we are multiple channel.
You can approach and touch customers by way of several distribution channels, which means we can expect to increase the penetration rate in the future and reach the level that Valérie presented to you.
No further questions on the call.
We do have questions in writing, Clotilde will read them out.
We have a first question in writing from Adil Ghoubari from Alliance. The question is: where do you stand in your partnership with Bankia? The second question is that you've been emphasizing the component of partnerships in your presentation, but are you lacking a source of growth inside the group? Why go for partnership while you could be growing organically or internally?
As to your first question, says Stéphane Priami, remember that Crédit Agricole Consumer Finance wants to have a strong presence in Spain for the two reasons we mentioned. Number one, profitability, and the Spanish model of consumer finance, which is good to us. We want to have a presence in large territories if we want to respond to international calls for tenders. We are very happy with this partnership with Bankia.
It didn't start off at the best moment, of course, you will remember, but we delivered more than honorable results. Bankia approached CaixaBank and made a clear announcement that they didn't want to be part of our SoYou partnership. Starting from that, we affirmed our need and desire to have a presence in Spain, and there are three options on the table that anyone would put on the table. The first option is that we handle SoYou in run-off mode if we can't find the right solution. The second option is to continue with SoYou on a standalone basis without the Bankia partner and making sure we grow and develop the business standalone.
The third option is to find another partner. We are looking at the three options, knowing that in parallel, we are getting organized to find the best ways and means of having Bankia exit the platform. Much for where we stand today with Bankia. The second question, can you repeat it on partnerships? Why would you go for partners, whereas you have a potential for growth internally? Partnership is the answer. Provide immediate purchasing. When purchasing generates consumer loans, it generates upfront benefits and a huge upside. Let me take a simple example. You have a car dealer. If the car dealer offers the consumer loan, you're almost certain to get it. If you let the customer go home and shop for the consumer loan, you're almost certain that the customer will base his decision based on the existing market share.
It is in our benefit to have the greatest number of partners because the partners make it possible for us to take advantage of the moment of purchasing so that our consumer loan product is chosen.
We have two questions from Jacques-Henri Gaulard from Kepler. One is to Jérôme, I think. Thank you for this presentation, which was very comprehensive, says Jacques-Henri. He said that the medium-term plans for 2022 were pushed back by 2022, 2023. Is it reasonable to believe that all of the strategic medium term plan goals will be pushed back for the whole of Crédit Agricole, will be pushed back to 2023?
Answer by Jérôme Grivet. Jérôme Grivet will come to the rostrum to make sure he can be heard loud and clear. Thank you for this.
Indeed, the goals of Crédit Agricole Consumer Finance are partly, as Valérie explained, are partly pushed back to 2023 instead of the scheduled 2022. The goal which is being pushed back is a goal relative to volumes, that is the level of outstanding, knowing that the profitability goals and targets will be maintained. We'll be delivering those by 2022. As you can see, the impact of the crisis in 2020 has not been massive on Crédit Agricole Consumer Finance, despite the hard work and the hard efforts we had to undergo to weather this very difficult time. At the level of Crédit Agricole Group, there's no plan or no idea that we would be pushing back our goals as they were announced for 2022.
Of course, we regularly review our financial landing and forecast, if at some point we believe there's a need to update investor communication and market communication, we'll do so. Today, we believe that the targets and goals which were published in June of 2019 remain current.
Thank you, Jérôme, for this. We have a second question by Jacques-Henri. Which goes as follows: I am very impressed by the way you've been handling hot and cold data. What about your use of privacy regulations in the way you handle data, which will be a key issue for the next five years?
It is of great importance for us because we are part of the Crédit Agricole Group of companies, and ethics and respect for the rules and regulations is mandatory. The Crédit Agricole Group published a charter for using data, which is very specific and binding as a code.
It doesn't prevent us from conducting our business, because we have lots of leeway to do lots of authorized things, especially when you get the consent of our customers, which is the case when we take action within this charter. You're right, the rules and regulations are continually changing, and societies are continually changing, require and demanding more transparency and openness in the way personal data is used. It's important in customer servicing to find always the best way and means to keep operating while respecting the needs and requirements of customers and abiding by regulations. If I may add to what you said, Stéphane, we got structured in consumer finance on data governance mechanisms, which involves complying with GDPR rules, abiding by the customer rules, and the internal customer rules, because we have internal data and external data.
We have a business line with data managers, very clear rules of the game, an operating framework. We have our data protection officer, who is standing next to me. To illustrate this point, and to illustrate the point that it doesn't prevent us from conducting our business while conducting a modern way of doing business, Stéphane mentioned that we are the first financial institution with protocol measurements by Google and outside rating industry to reconcile the offline and online customer journeys in full anonymity. When we're able to combine the right level of professional standards and the right data management tools, we can move forward in increasing the knowledge of the customer journeys while respecting the clients, as Stéphane said.
Another question by Guillaume Tiberghien at Exane.
He'd like to know if you could explain your vision for margins in the next two years with a balance between pressure due to low rates and, on the other hand, the improvement thanks to insurance and servicing. Could we get an idea, the compared value of these two effects?
Yes. Obviously, it's theoretical but very close to reality. Roughly, if schematically these loans that can be amortized, in general, these loans have the lowest margins. There are kinds of loans that have a good profitability, such as long-term leases or short-term car leases. Systems of the revolving, and you have three times CB where profitability is not bad. The challenge is that we can leverage that mix of products, and then we direct our customers. For example, this is why upsell is important.
Someone who has something that is amortized, if we can offer him a three times or long-term leases or a revolving because they need some flexibility, we should do so. The other challenge in terms of profitability is the other equipment, especially insurance equipment. The figure for Sofinco, 20% of the net banking income comes from the insurance. The insurance is very important. It shows the margin effect, which is not so strong then, especially if you spread it out over the four or five categories that I shared with you and on which we can play a bit.
The very last question by our CBC on servicing, what is the kind of fees that you get?
Jérôme, on servicing the chain of value, I will not describe it fully. We can do service providing where we manage on behalf of a third party, which we do.
We pay through fees. At the other end of the chain of value is that we can carry these outstanding, which we do already, where we carry that, then we get all the associated remuneration, such as financing or the insurance equipment or the other equipment products presented by Stéphane earlier. We're both on commissioning, when we just manage the outstanding and provide expertise, especially for white labels, all the way to the traditional remuneration with some in-betweens. It's on a variable geometry basis. We listen in to the needs of the partners really to carry this out.
Since the questions are over now, very honestly, frankly, I would like to thank you for spending this time with us. Hopefully, we have been able to share with you the elements that are important for you and for your business.
We have been very happy to be able to present the strategy of this company. We believe in it. We are very confident about consumer finance. The crisis has shown to what extent it was a modern tool to support the economy and households, and we are confident about our ability of being one of the leaders. Thank you very much for attending.