Russia’s economic crisis continues to negatively impact the market. Russian consumers have shown a preference towards conservative banking practices that can provide them with added security and stability amid a market in turmoil. Consumers favor providers that have a good reputation and with whom they have an existing relationship. Fintech providers are well known.
- Reputation, branch location, and the convenience of opening an account are the most influential factors driving choice of provider, which gives established banks an advantage over digital-only entrants. Consumers are increasingly using online for more complex activities, and the next step is for banks to upgrade mobile with chatbots and other functionality to help with query resolution.
- Savers choose their providers on the basis of reputation and branch location, followed by having an existing relationship. This works against new entrants and highlights the importance of cross-selling in a savings-oriented market. Consumers are mainly saving to protect against unplanned events, so tools and online/mobile apps that help consumers set aside small amounts on a frequent basis will help.
- Most consumers are now borrowing to fund home improvements, purchase household items, and buy vehicles. Consumers also borrow heavily to fund living expenses, which implies that many borrowers may be struggling financially and that banks have to exercise caution with underwriting.
This brief reviews the retail banking sector in Russia, with a particular focus on the current account, savings, mortgage, and personal loans markets. It includes both market-level data and insight from our Retail Banking Insight Survey.
The report offers insight into:
- How consumers in Russia take out and use their financial products, and how this has changed in recent years.
- Which providers dominate the current account, savings, mortgage, and loan markets, and what factors persuaded their customers to choose them.
- The extent to which consumers are using online and mobile channels to research, take out, and use their financial products.
Reasons to Buy
- Future proof your strategy with market sizing, forecasts, and analysis of key developments currently affecting Russia’s retail banking sector.
- Target consumers with inside knowledge of their true behaviors and attitudes, with detailed analysis from our proprietary insight.
- Learn about the impact that new entrants and distribution channels will have on the market.