A representative of the press service of VTB Bank PJSC
Posted: Wed Jan 22, 2025 4:32 am
The B1 Group of Companies and the National Credit Ratings (NCR) rating agency conducted a joint survey of financial directors of 33 Russian banks. The survey was conducted in December 2023 - January 2024. Both large and medium-sized Russian banks took part in it.
According to the survey benin whatsapp number database results, more than a third of Russian banks (39%) believe that they will not be able to meet the requirements for the transfer of critical information infrastructure (CII) facilities to Russian software (SW) by the established deadline - by January 1, 2025. There are still problems with the availability of the required software range, its implementation and ensuring compatibility with other elements of banking systems. At the same time, absolute costs for import substitution of software in 2024 remain moderate. More than half (59%) of the surveyed banks have budgeted less than 500 million rubles in their annual budget.
spoke about the transition to domestic software: "The share of the bank's application systems independent of foreign technologies has already exceeded 70%. VTB's expenses on domestic software make up 82% of the bank's total expenses on software. We expect that by the end of 2024, the volume of our expenses on domestic software will exceed 85% and only domestic software products will remain in the bank's critical IT infrastructure."
Denis Veselov, Director of Product Development for Infrastructure Solutions at Innotech, a company developing software for digitalization of the banking industry, is confident that Russian products are not carbon copies of Western ones: "We can see significant progress in the transition of banks and other financial companies to domestic software. The focus of the coming months will be on replacing application software in the banking sector. At the same time, Russian vendors are not trying to simply replicate foreign products. They create qualitatively new services, implementing the required functionality of foreign analogues, and improve the experience of Russian clients through feedback. The solutions themselves are implemented on a completely import-independent stack. They contribute to the formation of technological sovereignty."
52% of banks use artificial intelligence (AI) solutions. The main areas of AI use are the front office (23% of all surveyed banks) and the middle office (19%). Only 10% of organizations use AI in back office activities. The majority of banks that responded to the question about their AI budget (88%) plan to spend no more than RUB 1.5 billion on AI development in 2024. Of these, 69% - less than RUB 500 million.
Evgeny Surkov, product manager at cybersecurity system integrator Innostage, believes that Russian banks have great potential in developing AI: "Our banking sector is one of the most developed in the world in terms of digital client services. Hence the high demands placed on the software and hardware products used. Banks expect that the solutions they are considering will not just formally, but also qualitatively and functionally replace foreign ones, and will be fully competitive at the global level. However, many banks simply do not have enough resources to simultaneously restructure complex - and therefore expensive to maintain - processes. After all, information security is very expensive for them."
According to the survey benin whatsapp number database results, more than a third of Russian banks (39%) believe that they will not be able to meet the requirements for the transfer of critical information infrastructure (CII) facilities to Russian software (SW) by the established deadline - by January 1, 2025. There are still problems with the availability of the required software range, its implementation and ensuring compatibility with other elements of banking systems. At the same time, absolute costs for import substitution of software in 2024 remain moderate. More than half (59%) of the surveyed banks have budgeted less than 500 million rubles in their annual budget.
spoke about the transition to domestic software: "The share of the bank's application systems independent of foreign technologies has already exceeded 70%. VTB's expenses on domestic software make up 82% of the bank's total expenses on software. We expect that by the end of 2024, the volume of our expenses on domestic software will exceed 85% and only domestic software products will remain in the bank's critical IT infrastructure."
Denis Veselov, Director of Product Development for Infrastructure Solutions at Innotech, a company developing software for digitalization of the banking industry, is confident that Russian products are not carbon copies of Western ones: "We can see significant progress in the transition of banks and other financial companies to domestic software. The focus of the coming months will be on replacing application software in the banking sector. At the same time, Russian vendors are not trying to simply replicate foreign products. They create qualitatively new services, implementing the required functionality of foreign analogues, and improve the experience of Russian clients through feedback. The solutions themselves are implemented on a completely import-independent stack. They contribute to the formation of technological sovereignty."
52% of banks use artificial intelligence (AI) solutions. The main areas of AI use are the front office (23% of all surveyed banks) and the middle office (19%). Only 10% of organizations use AI in back office activities. The majority of banks that responded to the question about their AI budget (88%) plan to spend no more than RUB 1.5 billion on AI development in 2024. Of these, 69% - less than RUB 500 million.
Evgeny Surkov, product manager at cybersecurity system integrator Innostage, believes that Russian banks have great potential in developing AI: "Our banking sector is one of the most developed in the world in terms of digital client services. Hence the high demands placed on the software and hardware products used. Banks expect that the solutions they are considering will not just formally, but also qualitatively and functionally replace foreign ones, and will be fully competitive at the global level. However, many banks simply do not have enough resources to simultaneously restructure complex - and therefore expensive to maintain - processes. After all, information security is very expensive for them."