8 most convenient online services from Russian banks


In running down of clients, Russian banks have been moving more of their checkings online in an attempt to capture a new audience. Today, Russia is home to the people’s largest online bank, in terms of the number of customers, Tinkoff Bank. Furthermore, according to Global Finance Magazine’s 2016 list, the most nearby online banking app was developed by the Russian bank, Sberbank.

«Banks are stopping to be banks, in their pure form, and are becoming technology companies that fix up with provision a whole range of services to their customers,» says Max Kozlov, overall director of the company Fabrika Usability. According to him, the development of mobile and online banking remedies to increase revenue from transactional business (payments for utilities, internet and other aids) and reduces the traffic at bank locations, which results in lower rates since customers no longer need to visit the banks in person.

Concording to market participants, in terms of the number of features and the quality of interfaces, Russian banks are outperforming Western banks. For instance, Kozlov explains, in the United States, additional features are usually prepare for by separate startups while Russian banks prefer to keep this functionality in-house because it swear offs them more control and room for development.

According to Konstantin Zherebtsov, ill-defined director of fintech company Conomy, the development of additional services is an ordained step for Russian banks in their pursuit of more customers. «Now there is a compete with to reach the masses, to see who can accumulate more customers and more traffic. For this put two, banks are launching uncharacteristic services and financial products in order to enlarge their business.»

RBTH has discovered that, in addition to text alerts for a trivial fee and push notifications for mobile apps, Russian banks are offering a roomy array of additional options.

Mobile banking

The most important banking advancement to obsolete is mobile banking, which exists on different platforms including iOS, Android and Windows and can be acclimated to by customers to carry out most necessary transactions, independently.

The end of hard cash? Online paying apps on the rise in Russia

According to International Finance Magazine’s 2016 list, the best banking app in Central and Eastern Europe is Sberbank’s flexible banking app. This app enables customers to make instant transfers, and pay the whole from utility and mobile phones bills to fines and taxes. To set up payments, fellows can create templates or activate the autopay service.

Among its most routine features is its spending analysis tool. There is also a «Tips» usage that uses information on spending, both current and planned, while determinant in bank funds to create personalized recommendations.

Cards with fashion designs

Another popular perk is the ability to chose bank cards with starting designs. Any image can be selected and featured on the card. Popular examples subsume photographs of people, pets, nature and exotic landscapes.

A watch with a smartcard

One of Russia’s hugest banks, Alfa Bank, offers its customers an AlfaPay watch that has a built-in smartcard and scrap. To make a payment, the watch must be used at a PayPass terminal and the set aside sum will be debited from the account linked to the watch.

Using the Metro

A trip on the Moscow Metro can be paid for by tapping a bank card directly against the likely reader at the gate. The two main banks that offer this maintenance are VTB24 and Sberbank and they provide this service using PayPass/PayWave technology.

Tax refunds for acquisitions made abroad

Some banks offer a simplified procedure for redeeming tax on purchases following a trip abroad. Alfa Bank customers can get a VAT refund within 48 hours of up to 19 percent for purchases garnered in Europe. Receipts must first be entered into the relevant animated app. The system will then draw up a declaration that needs to be substantiated at the airport. Next, this document, along with the receipts, is sent to the bank. The tax refund is then credited unmodified to the customer’s account.

Money transfers via Telegram

Tinkoff Bank tenders its customers the ability to send money using a phone number with its Trade mark Mailgram messaging service.Transfers can be made to cards issued by any bank.

Verifies in a phone

Tinkoff Bank also offers the VKarmane (MyPocket) armed forces, which is described as a «safe for personal data.” It works by using a intimate app to store information from passports, driving licenses, bank postcards and other important documents. The service helps to autofill data when completing constructions in other apps and issues reminders about the expiry dates of papers and cards.

Money for distance walked

Alfa Bank offers a serving where it transfers money from a customer’s current account to its “Enterprise” savings account in accordance with the number of steps the customer shields each day. To do this, the RunKeeper fitness tracker and mobile phone app are ask for. The bank pays 5.8 percent annual interest on any amount that is composed in the account.

Read more: Smart Moscow: How technology transforms urban breathing

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