VTB Bank's Azerbaijani affiliate looks to increase share of online loan approval by 2022

Finance Materials 2 September 2021 13:17 (UTC +04:00)
VTB Bank's Azerbaijani affiliate looks to increase share of online loan approval by 2022

BAKU, Azerbaijan, Sept.2

By Zeyni Jafarov- Trend:

Russia's VTB Bank's affiliate in Azerbaijan, as part of its strategy until 2022, plans to increase the share of online cash loans to 85 percent, and credit cards to 90 percent of the total portfolio, VTB Bank (Azerbaijan) told Trend.

“Back in 2019, the digital bank DIRECT was launched based on the Facebook messenger, and in August 2020 it became available on the basis of WhatsApp. With the help of the service, bank 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 the social network,” the bank said.

“Currently, the share of applications for credit cards and cash loans issued remotely is 82 percent of the total number of applications. Compared to the beginning of the year, the distance sales increased by 53 percent,” the bank said.

The bank also noted that the number of DIRECT clients exceeded 79,300 people in the first half of 2021, which is 55 percent more compared to the beginning of 2021.

“The development of remote services and services is one of the key tasks of the bank and the goal is to ensure 100-percent availability of online financial services for corporate clients,” the bank added.

VTB Bank (Azerbaijan) is the main banking partner of Azerbaijani entrepreneurs doing business with Russia. The institution is part of the international financial group VTB, which has offices in more than 20 countries around the world. Currently, 99.99 percent of its shares belong to PJSC VTB Bank, 0.01 percent - to an individual.


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