VTB Bank has revealed significant success with its updated loyalty program, reporting an impressive 83% increase in cashback earnings for its customers compared to the previous year. This growth is particularly pronounced from May to December 2024, coinciding with the bank's decision to expand its cashback categories and allow payments in rubles.
The top five cashback categories this year included spending at supermarkets and pharmacies, clothing and footwear purchases, dining at cafes and restaurants, and universal spending across all purchases. These expansions have allowed users to choose relevant categories each month, leading to smarter financial planning and enhanced customer engagement.
Roman Sinenko, head of the loyalty program at VTB, noted, "The update of the loyalty program has provided us with new opportunities for attracting clients. We started paying cashback in rubles and expanded the number of categories—this allows users to choose relevant categories each month and effectively plan their expenses."
Regions such as the Khanty-Mansi Autonomous Okrug, Komi Republic, Murmansk, Arkhangelsk, and Karelia have shown particularly high engagement with the program. Among federal districts, the highest cashback amounts were recorded from the Ural, Northwestern, and Far Eastern regions of Russia.
Looking forward, VTB Bank anticipates considerable growth for its loyalty program. Sinenko indicated, "This year we focus on increasing benefits for each customer and expect the number of participants will double by 2025."
This projection implies not only greater participation—from around 400 to 500 billion rubles expected to be returned to consumers as cashback, which would mark unprecedented levels within the Russian banking sector—but also heightened competition among banks as they try to attract consumers to their own deals.
Analysts suggest banks across the board will likely increase their cashback rates, launch personalized offers, and forge partnerships with various services to stay competitive. These moves could potentially redefine the cashback offerings consumers can expect when spending.
Considering the current trends, the financial sector should prepare for fierce rivalry as consumers become more discerning about where they spend their money and what benefits they derive from those expenditures.