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VTB Group receives tech patent for selecting credit offers

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June 19, 2020

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Russia-based VTB Group announced that it has received a patent for technology that was developed by its IT and consumer banking specialists for offering loans to clients. The technology is expected to reduce the time involved in generating offer and allows for the selection of several products at the same time. It also enables the collection of the maximum number of combinations of credit and insurance products per request.

“VTB’s digital transformation strategy involves a particular focus on accelerating the bank’s response to changes in the market and customer demand. Developing technology for the flexible selection of credit offerings for clients and obtaining a patent for this technology is the next step in the implementation of our broader digital transformation strategy,” said Vadim Kulik, Deputy President and Chairman of the Board of VTB.

According to VTB, the technology will provide the ability to create offers for cash loans or refinancing, new credit cards and non-banking cross products, especially insurance options for issued loans. The company stated that the calculation would be based on the required loan amount, the client’s financial condition and current credit load.

“Automating routine banking processes and putting them in the background allows us to offer products that better meet customer expectations. As a result of this transformation, VTB offers a better and faster service, as well as several available product offerings for the client,” said Yevgeny Blaginin, head of VTB’s Credit Products Department.

Recently, VTB Bank announced a technology partnership with Skolkovo Foundation. The partnership aimed to facilitate the development of VTB’s research centre at the Skolkovo Innovation Center in Moscow.

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