VTB launches new mobile banking service

By Megha Bhattacharya

VTB announced that it has launched a new mobile banking service for its customers. The new app comprises 50 new features including cash withdrawals at ATMs without a card, batch payment of bills, main screen customization, and the ability to “hide” the balance. The Bank plans to increase the number of active users on VTB Online by 1.5 times – up to 15 million customers.

“The launch of the new VTB Online is not only a change in the user interface, with the upgrade and introduction of many new features, but also a large-scale technological reboot “under the hood”. We replaced the old legacy systems and switched to a new microservice Omni-channel platform. This is the foundation that will allow us to accelerate the development and implementation of new products and services many times over, ” commented Vadim Kulik, Deputy President and Chairman of the VTB Management Board.

VTB stated that additional protection against social engineering has been introduced, control over remote management of clients’ devices has been expanded, and phishing detection and blocking occurs now within the first 24 hours. VTB Online functionality also allows blind or visually impaired clients to work with the app. In VTB Online, they can independently register and log in, as well as perform most transfers and payments.

“The mobile app is a key service of any modern bank and the main channel for its sales and service. The number of VTB Online users already exceeds 9.5 million people, which is more than 70% of all active VTB customers, one of the highest penetration rates in Russia and the world. Our team has completely redesigned the app, making it easy and intuitive, and added unique and useful features, significantly improving speed, performance, and reliability. By 2022, VTB plans to move all products and services for individuals online. We expect to become the most convenient mobile app on the market, enter the top three in terms of quality and serve 15 million customers, ” said Nikita Chugunov, Head of the Digital Business Department and Senior Vice President of VTB.