Published on : Nov 17, 2016
ALBANY, NY, Nov 17, 2016: The report studies the retail banking sector in Russia and presents a thorough overview of the sector’s recent developments and future prospects in the dynamic Russian economy. Industry-standard protocols and analysis tools are employed in order to derive accurate insights into the development trajectory of the retail banking sector in Russia. The report, titled ‘Retail Banking Country Snapshot: Russia,’ is available for sale on the official website of ResearchMoz.us.
Due to the recent economic crisis in Russia, conservative but familiar banking practices have become popular in Russia, as they have become a symbol of security in an unstable marketplace. Due to this, the past reputation of a bank has become a crucial factor in enlisting new customers or extending the association with existing customers. Russian consumers are increasingly taking into account the reputation of financial institutions due to the fact that established, reputed banking institutions are less likely to suffer greatly from economic instability.
The availability of branches close to one’s residence and the convenience of opening new accounts have also been key factors in the Russia retail banking sector in recent years. Though many BFSI industry players are innovating digital finance solutions, these haven’t been able to reverse the growing preference for traditional banking mechanisms. However, the demand for online banking remains strong due to the rising demand for advanced financial transactions.
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These shifts have given a firm advantage to established players in the Russia retail banking sector. While opening new accounts with established players is easier due to their wider distribution network, conducting advanced transactions is becoming easier due to the rising employment of online banking solutions. This also favors the established players in the Russia retail banking sector, as earlier entry allows them to better understand the dynamics of the supply as well as consumer demand trends.
New activity in the Russia retail banking sector is mainly centered on customers saving small amounts periodically and taking loans to fund home purchases or renovations, vehicle purchases, and even for living expenses. Due to the rising demand for long-term saving schemes that allow the customer to make relatively small periodic deposits, mobile and online tools to facilitate the same are likely to become more popular. On the other hand, the risky nature of the Russian economy means that banks will need to monitor loan activity carefully, as it has significant risk of upsetting the overall economy.
The report describes the consumer trends and economic trends governing the Russia retail banking sector, thus providing a comprehensive overview of the two key external factors having a telling impact on the sector.
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