How they describe themselves: Tinkoff Credit Systems was founded by Oleg Tinkov, a renowned Russian entrepreneur in 2006. He was later joined by financial investors, Goldman Sachs (2007), Vostok Nafta (2008), Baring Vostok (2012) and Horizon Capital (2012).
TCS is Russia’s leading provider of online financial services. In April 2011, the Bank issued its first million credit cards, in April 2012 — its second million, and in January 2013 – third million. According to Central Bank statistics, on March 1, 2013, the Bank took third place in terms of its non-delinquent credit card portfolio (RUB 53.2B or over $1.7B), with a market share of 7.4%. Net profit to IFRS in 2012 amounted to $122M.
How they describe their product/innovation: The customer can apply online or by phone for a credit card, debit card or to make a deposit. She simply has to complete the application on the Bank’s website and the next day the Bank’s representative (‘smart courier’) will meet her at her place of choice to sign documents and to deliver the card. This facility is not only a mind-bogglingly good. The implementation of this innovation took the following steps:
1) we established a nationwide courier system specifically for our online deposit programme
2) we extended the courier delivery programme to credit cards
3) as we honed the service, we developed our own technologies and software
4) TCS now operates one of the biggest courier companies in Russia
Product Distribution Strategy: Direct to Consumer (B2C)