VTB recognized at the Bank of the Year 2020 Awards by British magazine The Banker as Best Russian Bank
The main criteria for the magazine’s experts was an assessment of the bank’s digital transformation and strategic development, as well as an analysis of how effectively VTB helped clients during the Covid-19 pandemic and how the bank maintained stability against the background of strong market volatility.
Andrey Kostin, President and Chairman of the Management Board of VTB Bank noted: “This year, like no other, has presented the banking sector with challenges that surpass any previous experience. The financial industry is now at the forefront of ensuring stability and access to vital services. I am glad that The Banker magazine recognized the work of VTB Bank with this award. The most important thing for us is the recognition of how we help our customers. We are trying to do everything possible to help them in this difficult time.”
VTB’s strategy has been geared towards constantly improving products and services for its customers and the bank relies on developing the best digital products and interactive channels. Since 2019, the group has been implementing a large-scale digital transformation strategy, which has already seen the launch of major projects that are creating the foundations for achieving one of VTB’s main strategic goals— providing 100% of financial services online. Among other things, the Bank is switching to a microservice IT architecture, building an omni-channel platform based on open software interfaces (APIs), and developing an artificial intelligence platform that combines the possibilities of applying innovative modelling and machine learning methods based on the entire array of internal and external data. The pandemic has only accelerated the transfer of the bank’s products and services to digital channels.
From the very first days of introducing COVID-19 restrictions, VTB made it a priority to support citizens in difficult financial situations. More than 370,000 VTB customers received “credit holidays” worth 300 billion rubles (USD $4billion). This measure was implemented both through state programs and the bank’s resources. VTB was the first to start accepting applications under the state mortgage program at a preferential rate. The bank has already used it for more than 50 thousand families in the amount of more than 150 billion rubles(USD $2billion). The program has become an effective measure to support the construction industry and improve the living conditions of citizens. An equally important focus of work for VTB in this period remains the support of Russian industries and enterprises most affected by the pandemic. Since the beginning of April 2020, VTB has restructured transactions with large corporate customers at a volume of more than 1.25 trillion rubles (USD $16.7billion) and provided support for clients from among small and medium businesses, as well as supported various programs with more than 510 billion (USD $6.8 billion).
The Bank of the Year award from The Banker has been presented annually since 1926 to the world’s leading financial institutions for their achievements in the banking industry. An independent analysis of the bank’s results is carried out, and the process of digital transformation of the products and services provided was evaluated.