On May 14th VAB Group held a press-briefing about “The Competition in banking sector: focus on retail”.
Chairman of the Management Board of VAB Group Peter Baron and VAB Bank’s Deputy Chairman of the Management Board responsible for retail business, Zhanna Alekseyeva took part in this briefing.
Commenting the situation on market of the banking sector, Zhanna Alekseyeva admitted that a retail market is already filled up with financial institutions and their products. For now, in high competition conditions it is possible to get a client only due to high quality service.
“Today clients need 3 things: simple and clear products, high speed of decision making and a friendly staff. Our managers, who received good experience while working on the US and Eastern European markets, show that in the nearest future banks in Ukraine will have practically identical products. According to this trend, the high quality of service will define the success of financial institution on market” – Zhanna Alekseyeva noted.
According to Zhanna Alekseyeva, VAB Bank pays much attention to the selection of financial guides – retailers of financial services, who contact with clients directly.
“In the existing situation, when retail is developing, it is not enough just to sell the product to a client. First of all, client expects for attention and better treatment. Also, we select financial guides, who know foreign languages and plan to control the quality of our staff through mystery shoppers, a special system, which control service quality level” – said Zhanna Alekseyeva.
“Mystery shopper system” means the use of specially prepared clients for anonymous evaluation of staff work, merchandising standards fulfillment control, products and service quality.
As Chairman of the Management Board of VAB Group Peter Baron noted, mobile retailers, who will be able to sell financial products out of bank branches, will be needed on the market in the nearest future.
Reference dataVseukrainsky Aksionerny Bank (VAB Bank) operates in the Ukrainian financial market since 1992 and, according to the National Bank of Ukraine, ranks among the large banks group as to assets. The bank’s regional network comprises 25 branches and 137 outlets, as well as a representative office in Budapest (Hungary). TBIF Financial Services B.V. (Amsterdam, Netherlands), a large international company, is one of the bank’s shareholders. In October 2006 VAB Bank became a member of the VAB Group. As of Novermber 1st, 2007 VAB Bank’s total assets amount to UAH 5.6 bn regulatory capital – UAH 629 m, UAH 201.4 m share capital. The result of the 20th emission of shares of VAB Bank, which have been ratified in the meeting of shareholders' of July, 27, 2007, determines the size of the regulatory capital as being UAH 670 million.
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