December 2, 2023

Copy-paste | Sberbank is not afraid of competition from technology giants

Google, Apple and other high-tech companies are actively developing financial services, but Sberbankdoes not see them as a real threat to his business.

Active expansion of companies such as Apple,Amazon and Google in the financial services sector are gradually blurring the boundaries between the high technology and financial segments. It would seem that when a search engine invites users to open an account with it, and a phone and software manufacturer issues credit cards, it’s time for banks to sound the alarm: consumers are about to start switching to new players offering not only financial services, but integration with their innovative services.

Sberbank is not afraid

However, Sberbank continues to sleep peacefully,not seeing any threat to its dominant position in the Russian financial services market. According to the company's CTO David Rafalowski, an Apple credit card is just a piece of plastic and a digital wallet. Dig a little deeper and you'll find a regular bank behind it. The Apple card issuer is actually Goldman Sachs, since the Cupertino-based company does not have a banking license. The same applies to Google deposits and checking accounts that will be serviced by Citi.

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