VTB predicted a new race among banks for clients.

      May 19, 2026 12:30 Economy The implementation of the Open API standard will change the rules of the game in the banking market. The players who will win the race for customers will be those whose applications are opened more frequently, rather than those whose cards are the primary ones in users' wallets. This was stated by Sergey Bezbogov, Deputy Head of the Technology Block at VTB, in an interview with the newspaper "Kommersant Technologies," conducted as part of the "CIPR" conference. Open API (open application programming interface) is a technological standard that allows banks, with the client's consent, to transmit their financial data to third-party companies in real-time. The Bank of Russia has developed recommended standards for the implementation of this technology in the financial market, which may become mandatory in the future. Large banks, including VTB, are already testing the exchange of their clients' data using Open API. For example, clients' accounts from Alfa-Bank were displayed in the VTB application in pilot mode and vice versa. When banks begin to open their clients' data to other credit organizations using Open API, they will effectively give clients the opportunity to manage accounts from different banks through a third-party application, explains Sergey Bezbogov: "If I look at the VTB application, then I am 'owned' by VTB, it gives me some recommendations, draws some beautiful pictures, gamifies me, promises cashback, and so on. That is, it works with me, regardless of which bank my money is in. And this competition about whose application I look at as a client— I am a client of that bank through whose application I enter." The spread of Open API will change the existing conditions of competition, where banks compete for customers through better conditions for cards and accounts, believes Sergey Bezbogov. "If you have cards from several banks, then you have a first-choice card, and you make your main expenses from it. But when another bank offers a better interest rate on deposits or better cashback conditions, you switch to its application. You still enter the applications of all banks whose cards you have, and receive communication from them. In the case of an open bank, you do not need to enter other applications; you can manage all accounts from one. That is, the competition of applications is reaching a new level. There will be a new race in terms of customer journeys," predicts the top manager. NIA "Nizhny Novgorod" has channels on Telegram and MAX. Subscribe to stay updated on major events, exclusive materials, and timely information. Copyright © 1999—2025 NIA "Nizhny Novgorod." When reprinting, a hyperlink to NIA "Nizhny Novgorod" is mandatory. This resource may contain materials 18+