PSB talked about ways to develop retail banking

Retail banking will develop through various forms of cooperation with the strongest players in other industries, said Mikhail Yefremov, Vice President and Director of the Non-credit Retail Business Department at PSB.

According to him, such a partnership is based on the mutual benefit of all participants and, first of all, the client, who immediately receives all the necessary products and services at one point. Efremov added that banks should also rely on ecosystem solutions and personalized offers for customers based on big data analysis.

"It is logical to expect the strengthening of the positions of those players who will approach retail customers flexibly and comprehensively: strengthen financial expertise, continue to improve the quality of service, including in remote service channels, expand partner programs and provide a wide range of non—financial services," Yefremov said, speaking at the VI Banking Retail Conference.

He also noted that competition between fintech companies and banks has continued to grow in the Russian market recently. "The development of digital technologies has significantly expanded access to the financial market for companies that quickly adapt to changes in consumer behavioral patterns, and sometimes form these patterns themselves. The intensification of competition between banks and fintech companies makes services more convenient and accessible to the end user," said the Vice President of the PSB.

However, Efremov continued, in order to succeed in the competitive struggle, Russian banks must continue to invest in the development of new technologies, create their own digital platforms and develop partnership programs with fintech companies.