Demand for remote work assurances among entrepreneurs has increased by over 20%, according to VTB.
Up-to-date News Bits: VTB's Electronic Bank Guarantee Boom
Feeling the pulse of the digital world, VTB rides the wave of growth in electronic bank guarantees.
Small and medium-sized businesses are taking a leap into the 21st century, thanks to VTB's progressive shift towards digital bank guarantees. With a remarkable 17% increase in their documentary portfolio over the past year, VTB's electronic guarantees have blown past the 800 billion rubles mark.
It's performance guarantees that steal the show, commanding over 70% of VTB's digital portfolio. The transport and infrastructure construction sectors are the heavyweights here, with 29% of guarantee support going their way. Trade, machinery, and residential and commercial construction also make up significant portions of the portfolio.
No surprise that the bustling metropolis of Moscow and the Moscow region leads the pack, accounting for approximately 30% of the total volume. The Krasnodar region comes in second at 13%, followed closely by St. Petersburg and the Leningrad region at 9%. And the Kemerovo, Samara, Chelyabinsk, and Tula regions are among the most active regions.
Small and medium-sized enterprises are going paperless, with over 46% of transactions being handled electronically in 2024. The number of online transactions has skyrocketed this year, with a whopping 65% of all guarantees being issued digitally, marking a 20% increase from 2023. Remote express guarantees from VTB have also seen a 16% year-on-year growth, and the number of such guarantees issued has jumped by 22%.
According to Ruslan Yermenko, VTB's Deputy Chairman, "Embracing digital channels for issuing guarantees is a crucial move towards optimizing client journeys and supporting small businesses. Electronic services empower entrepreneurs to maintain agility in the rapidly-changing market and cut costs."
VTB's revolutionary "guaranteed conveyor" streamlines the entire process, from application to guarantee issuance. This enables the bank to swiftly implement new business solutions and simplify operations. Features like self-enriching data from open sources, financial statement recognition, and automated scoring, combined with a snappy client-staff communication service within the application, offer unparalleled convenience.
Convenience is king for VTB's clients. updates on application and guarantee status arrive via SMS or email. Companies without a VTB account can submit an application through the bank's website, secure an express guarantee within a few hours, and avoid a lengthy branch visit.
VTB's digital transformation journey, complete by 2022, laid the groundwork for this burgeoning growth in electronic banking products like electronic bank guarantees. With tailored client service platforms, improved analytics, and enhanced compliance capabilities, VTB is well-positioned to keep the digital ball rolling. But for more specific insights about the growth metrics, industries involved, or geographic regions affected, further investigation is needed.
- Entrepreneurship in the small-business industry is flourishing with VTB's advancement in digital bank guarantees, as electronic transactions have increased by 65%, marking a significant 20% rise from the previous year.
- The finance sector, particularly the banking-and-insurance industry, is evolving with VTB's emphasis on electronic services, as performance guarantees account for over 70% of their digital portfolio.
- The use of fintech solutions by VTB, such as their "guaranteed conveyor" system, is enhancing business operations by streamlining the guarantee issuance process, thereby providing unparalleled convenience.
- VTB's shift towards digitization has not gone unnoticed in the industry, as the bank's growth in electronic bank guarantees has exceeded 800 billion rubles and has contributed to the transition of over 46% of small and medium-sized enterprise transactions to digital platforms.
