Pyanov: barrier-free transfer of clients between banks develops competition

MOSCOW, July 5The development of competition in the banking sector will be facilitated by the implementation of the possibility of a barrier-free transition for clients to use the products of other financial organizations, depending on the conditions they offer, says Dmitry Pyanov, First Deputy President and Chairman of the Board of VTB.
He spoke at the session “Competition in the banking sector: how to promote its development?”, which was held as part of the Financial Congress of the Bank of Russia.
“My picture of the future from the point of view of banking competition is the following. This is an absolutely barrier-free transition of the client in all significant banking products between banks, depending on what is more profitable. And this, perhaps, is not only limited to banks, but also, for example , investment services. We remember that when key rates are high, we win deposit products, and when the rate is low, financial instruments begin to play a role,” VTB quoted Pyanov as saying.
According to him, in the future, each, first of all, retail client, may have his own digital assistant, which will recommend certain products of various banks depending on the specified parameters of profitability, risk, inflation, and aggressiveness of the investment strategy.

“Dmitry, today Sber has a better offer — 18.5%, for example, VTB’s loyalty program or T-Bank’s rates for trading securities — today this is a profitable combination, use it. And let me make it a reality for you,” — he gave an example.

At the same time, the client should not wonder whether it is possible to pay for a purchase using the QR code of a given bank or whether it is possible to instantly transfer all of his savings to a more profitable deposit.
In this regard, the top manager of VTB would welcome measures to increase competition in servicing transactions of individuals in land-based, digital acquiring, to move away from the monopoly in the market in the number of “salary” clients and people with regular enrollment, in particular, pensioners.
«»This is precisely a decrease in market share due to some infrastructure measures of the regulator in terms of the number of clients with regular payments. From the point of view of excluding commission from housing and communal services tariffs, in practice, probably yes. That is, here is the second aspect of combating market share in terrestrial acquiring, well, maybe a single QR code, maybe a digital ruble,” said Pyanov.
At the same time, he stated, “in fact, we are still far from this absolute barrier-free environment and free choice at every moment of the most advantageous combination of offers.”