"Deposit rates will peak this winter."

December is always a time to summarize results, including in the banking industry. VTB Vice President Yulia Bezmenova told Izvestia about current trends in the savings market, why more and more clients are choosing family banking and other important market news.

- Summarizing the results, tell us how this year ends in the savings market?

- Thehigh key rate certainly warms up the savings market. We have already faced the situation of a high key rate in 2015 and 2022, but then these were relatively short-term periods. Now everything is different - the main indicator of the money market has been updating the maximum values for a year already. In these conditions, depositors will win, first of all. Now we are witnessing a completely new financial cycle: this year, for the first time, the savings market is growing faster than lending. By the end of 2024, the retail savings market in Russia will grow by a record 26% and reach 56.4 trillion rubles. At the same time, the lending market is "shrinking" - sales of retail loans will decrease by 18% this year and by a third next year.

- The year 2024 has been called "the year of the depositor", and deposit rates are at their maximum values. Should we expect more increases?

-Indeed, throughout 2024, deposit rates are holding at record levels. Current inflation rates remain high, and if the situation does not change fundamentally, the regulator may further tighten monetary policy and raise the key rate at the end of December. Banks will react to such a decision by bringing average interest rates to 21-22% per annum, and the best promotional terms - to 24-25% per annum. Therefore, the peak of deposit rates will be this winter. This period will be an excellent opportunity to fix your investments for medium and long terms with maximum profit.

- Despite the high yield on deposits, there are people who keep cash bills "under the pillow" in the old fashioned way, considering this way the safest....

-You know, the share of cash rubles in savings is shrinking, and at the moment it is about 15%, that is, about Br15.9 trillion. This is a historical minimum for the last 6 years, and this figure may still decline by the end of the year. The absolute majority still understands that with the high values of the key rate it is necessary, firstly, to save, not to spend, and secondly, to maximize the benefits of deposit rates, which will be a record this year.

Money in cash today is not only about not being able to get up to 24% return, but also about directly losing its purchasing power due to high inflation.

- You said record returns for savers....

-Yes, and my words are backed up by indisputable figures. For example, VTB will pay record high interest to its depositors and savings account holders this year - about 1 trillion rubles, of which 800 billion rubles will go to customers with deposits. This is a historical maximum - three times more than, for example, we paid out last year. In total, interest payments on deposits and savings accounts in the banking system this year will exceed a record Br7 trillion. Now decide where to keep your money - at home under your pillow or on deposit in the bank.

- With the key rate constantly changing, many depositors are closely following the situation in the market, trying to find the most favorable conditions for themselves. Do you observe a situation when clients constantly transfer funds from deposit to deposit?

- Itis not necessary to constantly move them. For example, we have a deposit linked to the key rate. The Central Bank very clearly targets inflation. And until there are clear signals that the inflation rate has gone down, there will be no reduction in the rate. Therefore, any products tied to the key rate will be effective. Since there is a significant spread between the current inflation rate and the rate set by the Central Bank, the client earns when the market moves. That is, this deposit provides an opportunity not only to protect their funds from inflation, but also to earn seriously.

- Nowadays banks are actively developing not only financial products, but also non-financial services. Does VTB have something in this area?

-Of course, we do. For example, in partnership with the National Lottery, we held the "Ticket for a Million" campaign, which was available to all customers of the bank. You just had to have at least 20 thousand rubles on your card to get a free "Dreamallion" ticket and participate in weekly drawings. More than 14 thousand customers have already received cash prizes. We plan to repeat this action in 2025.

- The trend towards the development of loyalty programs is very noticeable in the market. How does it work and will there be any changes next year?

-Yes, the trend is noticeable. This year, banks will pay 420 billion rubles to customers, and in 2025, users will receive 540-560 billion rubles of cashback - this will be a record. Customers most often choose such categories as "For All Purchases", "Supermarkets", "Cafes and Restaurants", "Pharmacies", "Clothing and Footwear" to receive cashback.

The main difference of our program - accrual in rubles, in the most popular categories, without rounding and virtual points. And you yourself can choose and change the categories of purchases, where cashback is accrued. I can honestly say that by the totality of indicators - today it is the best loyalty program on the market.

The key trend in the market of loyalty programs next year will be the increase of competition: all banks will actively increase the amount of cashback. And we will continue to develop the loyalty program: we will provide additional categories of cashback for keeping money on cards, we will strengthen the offer within the framework of the program "Family Bank", where we already charge our clients increased cashback for purchases in supermarkets.

- And what is happening in the area of family banking? As experts say, this is a very hot topic now.

-Family service is really in the center of our attention, it is important for us that all family members trust and choose us. Often, for example, the husband receives his salary in one bank and the wife in another. But it is more favorable for the family budget to combine financial flows, because we, as a bank, have the opportunity to give more preferences to the whole family. For example, we immediately and guaranteed to give all family members an additional category of cashback 5% on "Supermarkets " - the most popular category today.

Salaried customers not only receive more benefits than customers who do not have regular income to the bank, but also can share them: issue an additional card to a spouse, who will also have increased cashback in the "Supermarkets" category, or a payment sticker for a child.

We have developed referral programs for pensioners, which provide their relatives with increased cashback and improved conditions on deposits and loans. Attention to all family members is especially relevant now - in an ever-changing world. Taking into account this trend, financial institutions are becoming a platform for solving global and everyday life tasks of a client and his family members.

- The integration process with Otkritie Bank is to be completed by the end of the year, can you summarize how the process went?

- The integrationprocess is being successfully completed. At the moment, 2.3 million clients have transferred from Otkritie to VTB, and 927 billion rubles have been transferred under management, which is 94% of the total Otkritie Bank portfolio. For us, the main thing was to realize a seamless transition of all clients, as comfortably as possible, while retaining the service of their personal manager. Now clients receive the best product and service offers. Taking into account the accumulated experience of the two banks, we are making servicing at VTB profitable, closer and more convenient.