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The head of Tinkoff Bank predicted sector “earthquake”

Глава Тинькофф Банка предрек сектору "землетрясение"

After the change of generations Bank market is waiting for a radical restructuring, says Chairman of TCS Bank Oliver Hughes. The opinion he expressed at the St. Petersburg international economic forum, reports video News Service.

“As soon as the Millennials reach critical mass, the banking system, waiting for the earthquake,” he said. This generation is distinguished by the lack of confidence in credit institutions, they are more inclined to trust major brands that provide a comprehensive solution to the problems, says Hughes.

According to him, issues of trust, stockpiling, security new generation is not interesting. “And the credibility of other brands that solve everyday problem of consumers: Google, Apple, Alipay is growing,” he said. In addition, young people are not willing to visit banks, as used to consuming services at home, said Hughes.

Earlier on Friday, June 17, the President of Sberbank German Gref said that Russian banks ‘ profit in 2016 will amount to 600-700 billion rubles, and the situation in the banking sector is gradually improving.

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