The Russian bank Tinkoff has set up a fintech that it now wants to send to Europe. If she moves her entire ecosystem here, it could be a bit tricky for local players.
Even for fintech, this saber rattling is unusually violent: the Russian billionaire and founder of Tinkoff Bank, Oleg Tinkov, posted a picture of him, his director New Products Development, on the social platform Instagram a few days ago, Alexander Emeshev and the senior VP and business development director, Artem Yamanov (Picture below, f.l.t.r.)
Yamanov, who has been on board since the founding of Tinkoff Bank, is “definitely his most talented manager” and is now founding, together with Emeshev, a fintech financed by Tinkoff to offer financial services in Western Europe. According to Tinkov, Yamanov Revolution founder Nikolay Storonskywho, unlike Yamanov, has more experience in the fintech market, is much less intelligent and less capable of learning, “kick in the butt”.
Five billion
The entrepreneur Tinkov is a dazzling personality. As with many Russian billionaires, it is not entirely clear to him how he got his wealth. In any case, he founded his bank, which was only called Tinkoff Credit Solutions (TCS), in 2006 to find out whether a purely digital bank could be successful in Russia.
It was because Tinkoff has grown properly since then: According to its own statements, it is said to be number two in the credit card business, right after Sberbank, which is state-owned, with a 13.2 percent market share. On the London Stock Exchange, the bank’s holding company, which is still called TCS, is valued at around $ 5 billion.
Banks Eco-system
And now this Russian giant is planning the march to Western Europe with a fintech. Not much is known about this yet. Only that the bank “only” wants to invest 25 million euros at the beginning, and that co-founder Yamanov told the finance magazine “Financeforward” that he and his team were delighted to be able to use their “deep-tech and UX expertise in a new one.” Applying the market – after all, customers in Europe are looking for better, more intuitive financial services. »
But the expectations are already high, if you look at what Tinkoff has already done in Russia and what local banks could cut off an enormous slice of. TCS has built an eco-system in which both consumers and companies can find everything their hearts desire: In addition to banking services, of course, the 10 million TCS customers can take out mobile phone subscriptions and insurance, book trips and rent cars , Buy concert and cinema tickets, companies are supported in bookkeeping, building the website and invoicing.
Super app and language assistant
In Europe, TCS fintech, whose name is also still unknown, wants to offer financial and banking products and transaction services for private customers. In Russia, the group has developed a large number of mobile applications, including the so-called super app, which is said to contain hundreds of functions and offers from Tinkoff and partner companies and will appeal to 20 million customers by 2023.
The group announced that the “Superapp Tinkoff” app was “the next stage in the development of the Tinkoff mobile app, which combines classic online banking with other financial services and lifestyle services for different areas of life. Yamanov said in December that the app or its artificial intelligence should predict what users need at any given time, depending on the time and place, recent transactions, and dozens of other factors.
In addition, according to a message from “banks.am”, the bank has a fully automatic voice assistant, named after the founder Oleg, who is to help users manage all important financial and lifestyle services within the Tinkoff ecosystem by voice control. Oleg, according to the company, a 25- to 40-year-old man who lives in the Tinkoff app, can make money transactions for customers on Tinkoff and Sberbank accounts, reserve tables in restaurants and appointments in beauty salons, buy movie tickets and even customers Advice on stock purchases and other banking services.
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