FIS (NYSE: FIS), one of the world's largest providers of banking and payments technology, today announced that VTB24, the second largest retail bank in Russia, with US$24 billion in assets, 4.5 million clients and a network of almost 500 branches throughout the country, has gone live with the FIS Profile core banking suite.
Over the next two to three years, VTB24 plans to not just increase its customer base significantly but also to develop strong long-term partner relationships with each individual client. FIS Profile is being rolled out through a phased programme, initially for the bank's loan business, along with the Profile Direct Web-based front end for back office servicing. This will be followed by current account, deposit and credit line products, debit and credit cards.
Dmitry Rudenko, 1st Deputy President-Chairman of the Board of VTB24, explains: "VTB24 is one of the leaders of the national retail banking sector. For us it is vital to transform into a full-service credit institution, operating in all key segments of the Russian banking market.
VTB24 is focused on expanding the range of products available to retail customers and improving the level of customer support. We want to position ourselves as a leading provider of reliable, customer-friendly banking services. Last year, for example, we increased our network of cash machines to over 4,000 and made more ATM services available, including automated cash deposits and loan repayment options.
Deployment of effective technology is a key element in enabling VTB24 to deliver first-class banking services to current and prospective customers, encompassing high net worth individuals and those in the small business sector. FIS Profile will address the challenges of real-time availability, scalability and improved time to market."
Mark Davey, executive vice president, FIS International business, commented: "We have been working closely with VTB24 to ensure a smooth transition from the bank's systems to FIS Profile. This includes integration services to incorporate FIS Profile with the bank's IT environment architecture, as well as localising the core system to suit the Russian market. We are also supporting production operations and branch roll-out in line with VTB24's accelerating growth.
FIS is proud to be a strategic provider of banking technology services to VTB24 - and this is a significant step towards consolidating our success in the highly demanding Russian banking market."