New Russian do-it-all tech giant Sberbank to rival Google, Facebook, Amazon
Russia’s biggest bank Sberbank on Thursday announced a significant makeover to transform itself into a technology giant with the launch of a bunch of products in the digital space which is first rolled out in its market and taken abroad later, including to India.
However, the expansion would be based upon the success of the brand new offerings in Russia and on regulatory and other compliance requirements in foreign countries.
The new offerings announced by Sberbank include SmartMarket platform, which is available for external partners for creating software on the lines of Apple’s AppStore and Google Play; va Salute; TV streaming device SberBox; and SberPortal, Russia’s first multimedia smart display device which will continue sale in late 2020.
In addition, it launched SberPrime which will offer subscriptions for films, TV series and songs furthermore to grocery delivery service. Similar services are offered in various countries by global tech giant Amazon.
The 179-year-old bank, which commands market valuation of USD 67 billion and is majority-owned by the Russian government, exists in 17 other countries, including in India through branches, subsidiary banks and representative offices.
It has nearly 30 lakh customers outside Russia and its own explained business goal is to create “Sberbank one of the best finance and technology companies on earth”. Its customer base in Russia is almost 10 crore.
Sber’s financial services for folks will now be united beneath the SberBank brand, while it will work with smaller businesses and self-employed under the SberBusiness brand.
Professional solutions for corporations and the general public sector have already been united under the SberPro brand, as the SberInvestments brand would include all retail investment products.
The main make of the group would change to ‘Sber’ which it said reflects “a whole universe of services for human life and businesses, which helps us accomplish our mission”.
“Only yesterday Sber was simply a bank, while today we have become an assistant helping people deal with their essential tasks, each day. And that's the reason our widely known motto ‘Sber. Always there for you personally!’ is relevant as part of your,” it said announcing the brand new brand.
Underlining the necessity for the transformation, Sberbank said, “To remain close and useful, we must do a lot more than just react to people’s current needs. You want to go where new needs arise. So that something that isn't obvious today could turn into a daily habit tomorrow. And that is why we are entering new industries.”
