Attracting funds from individuals
|Total share in the deposit market, %||46.7||45.0||46.0||46.6||46.1|
|— in roubles, %||50.6||50.1||49.6||49.1||47.7|
|— in foreign currency, %||28.2||30.4||37.3||38.6||40.0|
The portfolio of individual funds increased by RUB 971 billion in 2017 (compared with RUB 406 billion in 2016) and reached RUB 13,420 billion. During 2017 Sberbank’s total market share had contracted by 0.5 percentage points, and equaled 46.1%. The reduction in Sberbank’s market share is primarily attributable to the deterioration of its position on the market for rouble liabilities.
We continued to actively develop our line of savings products and services. In February 2017 a new banking product for individuals called “Nominee account for deposit of social benefits” was launched in all regional banks. The innovative feature of this account is that the social benefits deposited on it may be spent by the owner of the nominee account without restriction, that is, Sberbank does not require the permission of the guardianship and trusteeship authorities for this. By the end of 2017, Sberbank had already opened more than 205 thousand nominee accounts, the balances on which exceeded RUB 3.2 billion.
The expansion of the list of currencies accepted by a Savings Account was an important innovation in 2017. In addition to the standard currencies (roubles, US dollars and euros), starting in October Savings Accounts can be opened in Hong Kong dollars, Canadian dollars, Chinese yuan, Singapore dollars and pounds sterling. By the end of 2017, 1.8 thousand accounts worth a total of 331 million in rouble equivalent had been opened in rare currencies.
In 2017 we continued to implement the Strategy for attracting the funds of individuals through remote channels. A promo event was held in the first quarter of 2017 on the opening of “New Level” deposits with a higher interest rate and the additional option to increase the interest rate by up to 0.5 percentage points by entering the promo code. The promo code was available in the VKontakte social network, and the deposit could only be opened in the Sberbank Online system.