Trust in Russian finance system is low
Many people do not trust the Russian finance system and prefer to use the services of foreign banks. This is also reflected in the share of credit institutions with foreign participation. The number is actively growing in Russia and is 27% at present. The most trustworthy countries for banking matters are Switzerland, Liechtenstein and Austria.
Perception of Swiss Fintech products is good
The overall perception of Swiss products and services in Russia is very good. In the area of Fintech, there are some niche areas that could be of special interest for Swiss SMEs and Fintech startups:
Social media banking apps: These apps allow users to make small money transfers to friends. Users can also split a common bill and maintain a payee list for instant fund transfers.
Virtual customer support: Banking apps are increasingly being innovated to include virtual customer support through videos, calls and messaging without having to visit the bank.
Use of analytics: Providers of banking services are looking for substitutes for passwords, for example, voice biometrics, fingerprints or iris scans.
Multibank foreign exchange solutions
Services for Russian banks
Find more information on business opportunities for Swiss Fintech companies in Russia in the report located in the download section.