Source: Moscow Stock Exchange
On 15 October 2020, Moscow Exchange rolled out the personal finance platform Finuslugi. Russian residents can now select loan offerings from across the country and open deposits online with any bank, all without visiting a branch. This means that someone living in one area of the country can open a deposit in any other region. At the same time, banks can now attract new customers from all over Russia, without building new brick-and-mortar branches.
Currently, six banks operate on the platform. Deposit rates ranges from 3.5-6.5%. Ten additional banks are expected to join the platform by the end of the year.
The Finuslugi platform is a stand-alone brand serving a new product category and new service format. The logo is a graphic consisting of three lines that reference the Russian letter “Ф” (the first letter in the Russian word ‘Finuslugi’), while also resembling to a bar chart that represents growth. The logo also subtly references three major values in the area of personal finance – profitability, convenience and security. The logo’s red color references Moscow Exchange’s brand and reflects Finuslugi’s pro-active character.
Sergey Shvetsov, First Deputy Governor of the Bank of Russia, said:
“The roll-out of this financial platform creates an additional sales channel that aims to significantly boost competition among market participants in standard financial products, while also eliminating price distortions for individuals who have only had access to a limited product offering due to geographic or technological constraints. We expect that this will result in both a flattening of rates across similar deposits, and increased correlation of rates in different financial instruments with the same consumer characteristics. In future, we expect the platform will grow to offer more product lines as well as allowing companies to enroll as consumers of financial products.”
Yury Denisov, CEO of Moscow Exchange, said:
“One of the Moscow Exchange’s strategic goals is to add value by entering new niches, gradually grow closer to clients with whom we had not previously done business and adopt technologies that allow us to enter new markets. The launch of the Finuslugi platform is part of our strategic plan. Finuslugi will not be a mono-product platform: we plan to introduce a comprehensive product offering for retail clients and launch an app to be even closer to customers. We are confident that the platform will become an important distribution channel for financial institutions.”