Sberbank announces new services

RUSSIA / FSU POLITICS - In Brief 24 Sep 2020 by Alex Teddy
On September 24 the Russian state-owned bank announced that there will be new services such as those Apple and Amazon offer. The corporate brand will no longer use the word "bank". It is now "Sber". Sber is trying to become part of tech.The Chief Executive German Gref made the announcement. There will be a smart screen, a TV box and virtual assistants. It aims to equal Alexa. SberPay is being launched. There is also a mini app store. The company is now seen as a tech company as well as a finance one.The rebrand is costing USD 32 million. It will be phased in over 6 years. Sber owns 20% of Mail.Ru. It has investments in ride sharing, food delivery, driverless cars, AI and streaming. There is a subscription service called SberPrime. It is like Amazon. SberPrime will allow free delivery, It is linked to e-commerce. There will be film streaming, taxis and cloud storage. Food delivery ordered this way will be discounted.Sber is the most valuable publicly listed company in Russia. Its market capitalization in USD 67 billion. In 2019 it made a profit of USD 13 billion. Sber announced a new design idea for its 14 000 branches. Tellers will be got rid if and there will be advanced ATMS. Face recognition technology will assist. This will allow customers only to perform simple functions but also to order taxis and food.In Russia a few local tech companies rule the roost. US tech has not made an inroads. Google hardly exists here. E-commerce is broken up among Russian companies such as Ozon, Wildberries and VKontakte (owned by Mail.Ru).Law has helped keep tech out. The government is suspicious of major foreign tech companies. The law says foreign tech companies must store data in ...

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