Tinkoff becomes Russia’s third largest bank by customer base

Moscow, Russia — 7 October 2020.
Tinkoff has become Russia’s third largest bank by the number of active retail customers as evidenced by data from several international research agencies.

According to a Deloitte survey conducted in August 2020* (Customer preferences in retail banking in Russia), Russia’s most commonly used banks are Sber (87% of respondents), VTB (23%), and Tinkoff (19%), with Tinkoff leading among private banks and trailing behind only two state-owned banks by frequency of use by retail customers. The Top 5 Russian banks by active customer base are Sber, VTB, Tinkoff, Alfa-Bank, and Pochta Bank.

«Tinkoff has always targeted customers who focus mostly on money transfers and payments, as well as additional services. Such business model helped it gain high traction among the retail audience — according to our survey, the bank has made it into Top 3 in terms of popularity among the respondents, second only to the largest state-owned market players» (Deloitte).

The Russia’s Banking Sector and Bank Ranking by Active Client Base survey (LINK) conducted by Frost & Sullivan and Russia’s NEO Centre** and based on quantitative metrics of Russian banks along with public opinion polls also ranked Tinkoff third, with leadership by retail customer base among private banks.

According to the same survey, Tinkoff is also a Top 3 bank in certain regions by banking penetration, giving way only to Sber and VTB. In 2020, Tinkoff also outperformed VTB in terms of retail customers using credit products, though trailing behind in the debit card segment.

«Sber and Tinkoff have created two largest banking ecosystems in Russia aimed at growing the customer base by expanding the range of products and services offered at every stage of the banking product’s life cycle.» (Frost & Sullivan / NEO Centre).

The same conclusions were made by Ipsos, a global market research company, which surveyed*** more than 6,000 Russian consumers from January to June 2020. The survey findings show that Sber is used by 81% of Russians, VTB by 26%, and Tinkoff by approximately 21%.

Oliver Hughes, Tinkoff Group CEO:

«Our ecosystem demonstrates buoyant growth across all segments — retail banking, business services, investments, mobile virtual network operator, insurance, lifestyle, etc. We no longer need to attract new customers as we get referrals from those who have tested our products and services to become our ambassadors and whole-heartedly promote the Tinkoff brand among their friends and family.

At the very beginning, we placed a bet on customer relations as we could compete with other players only by making good products, improving customer experience, and attracting best-in-class talent.

In less than 15 years, we became Russia’s third largest retail bank. Our ecosystem serves over 11 million customers, with more than 20,000 Tinkoff Black cards issued daily to enable them to get or transfer salaries from other banks. Tinkoff Investments helped north of 2 million investors gain access to the exchange, which would have been unimaginable only two years ago. Over 7 million customers use our SuperApp and lifestyle services a month, with the number of daily users exceeding 2 million. We pay our customers some RUB 2 bn a month in the form of cashbacks and bonuses, and nearly 600,000 corporates have chosen Tinkoff Business as a provider of banking and payroll services.

We are close to achieving our next target — 20 million happy and loyal customers whose needs we seek to satisfy.»

*The Deloitte survey measured the share of customers who had used retail banking services for the last 30 days as at the date of the survey. As part of stratified multi-stage sampling, experts selected groups of Russians by gender, age and type of locality (5,038 respondents from 8 federal districts and more than 200 cities).

**Frost & Sullivan and NEO Centre conducted a phone survey using a random sampling method to collect data from 10,856 people aged 14 or older. Those who agreed to take part in the survey were offered to name the banks which had provided them with services for the last 90 days (three months). Before asking this mandatory question, the interviewers collected information about their age and listed the criteria customers use when selecting a bank.

***In January-June 2020, Ipsos surveyed 6,220 men and women aged 18–65 with a monthly income from RUB 20,000 in Russian towns with a 100,000 plus population. The respondents were to pick the banks whose services they currently use from a list.

Tinkoff ecosystem
Tinkoff is an online financial ecosystem centred around the needs of its customers.
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