VTB Bank Azerbaijan talks development strategy for 2022

Economy Materials 11 December 2021 10:17 (UTC +04:00)
VTB Bank Azerbaijan talks development strategy for 2022

BAKU, Azerbaijan, Dec. 11

By Sadraddin Aghjayev - Trend:

As part of the development strategy of VTB Bank Azerbaijan, by the end of 2022, it is planned to increase the share of online cash loans for individuals to 85 percent, and credit cards to 90 percent of the total portfolio, the press service of the bank told Trend.

The bank noted that the development of remote services is one of the key tasks of VTB Bank Azerbaijan.

"Our goal is to ensure 100 percent availability of online financial services for corporate clients of the bank. In 2019, we launched the digital bank DIRECT based on Facebook Messenger, which is available for both individuals and legal entities (Business DIRECT), and in August 2020 of the year DIRECT chat-bank for individuals became available on the basis of WhatsApp. With the help of the service, customers can pay bills, transfer money from a VTB card to a card of another bank within the country, apply for a loan, deposit or issue a card without interrupting communication on a social network," the bank said.

In addition, it was noted that since October 2021, the bank has completely switched to remote acceptance of applications for cash loans and credit cards for individuals, as a result of which the share of applications for remote processing of these products is 100 percent of the total number of applications.

"According to the results of nine months of 2021, the increase in distance sales compared to the beginning of the year amounted to about 80 percent. To date, the number of DIRECT clients has exceeded 86.2 thousand people, which is almost 69 percent more than at the beginning of this year," VTB Bank Azerbaijan said.

The bank also reported that in the segment of medium and small business (SMEs), the share of online payments made by legal entities has more than doubled since the beginning of 2021.

"The share of corporate clients connected to VTB's digital channels is currently 39 percent against 34 percent at the beginning of the year. This year we have introduced a new Internet banking for legal entities and entrepreneurs, expanded the range of available services and products, in particular, added the ability to customize "Periodic statement" and "Regular payments". By the end of the year, it will be possible to apply for a Bank Guarantee. It is planned to regularly update the functional solutions of Internet banking in accordance with the increasing requirements of the remote service market," the press service added.

Also, VTB Bank Azerbaijan said that this year, the entire process of issuing loans for individuals was completely digitalized.

"Now, for their registration, the client only needs to go to the site and enter only the PIN code of the identity card, as well as the phone number. As a result, the borrower receives a loan decision within a few minutes. Clients can also apply for a loan in partner stores of VTB Bank Azerbaijan," the bank's press service noted.

The successful introduction of a credit conveyor for individual entrepreneurs in the micro-business segment was noted, a simplified submission of a loan application is provided through the bank's website, and in the near future, similar functionality will be available for Internet banking users. The credit conveyor automatically processes the client's data and makes decisions on the issuance of a loan. As a result, the client receives a decision on the application within a minute.


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