This is the Initial stage of implementation of the first credit pipeline in Russia, based on a microservice platform using advanced application analytics. By 2022, it will allow VTB to make 95% of decisions on issuing loans to retail customers within 1 to 3 minutes. In addition, the proportion of clients who need to provide income and employment certificates to obtain a loan will decrease from 20% to 5%.

The new process will make it possible to generate loan offers for 30 million customers in less than four days. By the end of the year, pre-approved offers for all loans will be transferred to the new credit pipeline, and incoming customer requests will be transferred to the new platform by the end of 2021.

To ensure that clients receive the most accurate loan offers, statistical models are used to assess the client's credit risk and aptitude for a particular loan, based on the analysis of external and internal data. In autumn of this year, models will be introduced for estimating income, liabilities, and calculating the most appropriate loan offer.

"VTB has developed Russia's first retail credit pipeline based on microservice architecture. Its use, in combination with the developments of the VTB advanced analytics laboratory, will allow VTB to quickly and efficiently respond to customer requests, and also to anticipate them. In addition, the new IT solution will enable continuous improvement of the system and increase the performance of individual services," said Vadim Kulik, Deputy President and Chairman of the VTB Management Board.

"VTB has decided to develop a new credit pipeline to make retail customer service more personal and fast. The full implementation of the project will allow us to make 95% of loan decisions in 1-3 minutes. The statistical models we use will help us make our customer offers more individual: borrowers will receive pre-approved loan products from the bank at the right time, in a convenient format and service channel," said Natalia Revina, Head of VTB's Retail Credit Risk Department.