01 July 2016, 12:56 / Finance

Kostin: Banks should not turn into high-tech companies

A modern bank must be high-tech in order not to give up primacy in the financial market to non-banking organizations, but at the same time it should not “turn into a high-tech company somewhere,” says VTB CEO Andrei Kostin. According to TASS, he said this at the International Banking Forum. “Modern technologies, of course, are eroding the banking business and giving rise to additional groups of competitors,” he noted.

“We intend to use the most modern technologies, but we still believe that having both a liquor store and a bank within walking distance is a big advantage,” said Kostin also . According to the head of VTB , “this creates the necessary comfort for citizens so that they demand banking services.”

At the annual meeting of VTB shareholders on June 24, Kostin, speaking about the bank’s plans for technology development, said that those with better technology get a competitive advantage, but called for less “PR” and more action. Kostin promised shareholders that the bank would strengthen in this direction, and even for this purpose he appointed a new deputy chairman, inviting the former head of the Federal Property Management Agency Olga Dergunova to this position, and visited Silicon Valley in the United States.

Previously on the topic: Gref: It was also not easy for Sberbank Previously on the topic: Andrei Kostin asks the “Olympians” from the Central Bank to “cut” the rate by half a percent