All news
Market News | VTB plans to modernize its loyalty system by introducing a new category of cashback for storing funds in current accounts – Vedomosti
VTB plans to modernize its loyalty system by introducing a new cashback category for accumulating funds on a current account. This was reported by the bank's senior vice president Dmitry Breitenbicher. The conditions for receiving cashback include having at least 10,000 rubles of untouchable money on the account for 30 days. Clients can choose up to 6 additional cashback categories depending on their balance, there are 12 in total.
Banks hope to make current accounts more attractive so they can increase the number of transactions and their active customer base. The total cashback market is expected to increase by 50–65% by the end of the year, reaching RUB 420 billion. In May 2024, VTB already revised its loyalty program, replacing points with ruble cashback, which will allow customers to receive double cashback in four months.
Dom.RF Bank also plans to consider changing its loyalty program, expanding cashback categories and customer segmentation. By 2024, a number of major banks will update their loyalty systems, showing that competition in this sector is increasing.