Ten years ago, banking for smaller businesses in Russia was a miserable affair.
Even the simplest transactions required reams of paperwork. Getting cash meant queuing in a branch with a cheque signed by the chief executive. Opening an account took a week or more. Payments took days. Customer service was nonexistent.
“Traditional SME banking in Russia was based on a corporate model,” says Roman Zilber, head of small and medium-sized enterprise banking at Raiffeisen’s Russian subsidiary. “Processes were complex and cumbersome – which was fine for corporates, because they have dedicated staff to manage banking, but no good for small entrepreneurs who have to do everything themselves.
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