geo/russian-federation
The Efma–Accenture Banking Innovation awards program is an initiative which aims to identify and award the most innovative projects in the retail banking sector at a global level. This program is in it’s fifth year, with the aim of sharing worldwide best practices in the retail banking distribution and marketing arena.
Innovations in ten categories are recognized, including two overarching awards for Global Innovator of the Year. The categories are:
Sberbank, Russia’s largest bank, has announced the launch of a new corporate online banking platform in partnership with IBM that it hopes will deliver an enhanced banking experience for small and medium-sized enterprises (SMEs). SMEs account for over a third of Sberbank’s corporate loans portfolio. The firm have stated that the previous platform could not handle the increased online activity from clients as it engaged with digital services and as such turned to IBM iX, an interactive arm of the tech giant, to create a new banking solution for corporate customers.
Small and medium enterprise’s significance is widely discussed nowadays. It interests both trading banks and state pecuniary institutions. Speaking about G20 it can be mentioned that none of the banks regard business sector as unattractive for a certain bank in particular as well as for Russian economy on the whole. It should be noticed that under conditions of deceleration of economic growth Russian government also regards that sector’s potential as one of the sources to overcome recession and restore the economy. Different measures are taken to support SMEs, in simplifying financing as well.
On Monday, 27 May, I attended a meeting on gender finance co-sponsored by IFC and the Russia Association of Regional Banks (ASROC). More than 20 banks were present from all parts of the Russian Federation. There were case studies provided by speakers from BLC in Lebanon, and the Royal Bank of Scotland. The topic hasn't been well developed in Russia, but there was strong interest expressed, and follow up is expected. This is clearly a rising topic, particularly in countries where the SME finance market is becoming more and more competitive, and banks are looking for niche advantage. Of course, gender finance doesn't just involve women entrepreneurs, there are important other services for women consumers...across the board, women make loyal clients who have a higher cross-sell ratio, and who attract their friends to the banks they like. Russia looks fertile ground for gender finance, not in the least because (if I heard this correctly) 65 of the ASROC institutions are headed by women. The papers from this meeting should be available soon through the Forum...contact nadia afrin of the Forum at nafrin@ifc.org for details.matt
