The state-owned PrivatBank has announced the launch of a subscription service unique to the Ukrainian market. It will provide access to special prices and benefits from the bank's partners—which clients use daily—combined with additional financial advantages from the bank.
Subscriptions will include additional discounts on groceries, fuel, parcel delivery, streaming services (movies, music), and much more. Furthermore, the subscriptions will provide reduced—and in some cases, zero—fees on transactions and transfers.
"We are offering clients not just a bank card, but a new format for using the bank—a subscription that combines financial benefits with special offers from partners. For example, payments at Nova Poshta, Silpo, Netflix, YouTube, Spotify, and many others will be more profitable with PrivatBank. The main value of the subscription is the ability to save on services that people use every day. For an active user, such savings can exceed the cost of the subscription itself, providing savings of up to approximately 1,000 UAH per month," notes Dmytro Musienko, Member of the Management Board of PrivatBank for Retail Business.
Partner offers are the foundation of the subscription's value. Additionally, clients will receive more favorable terms on banking products—specifically, special tariffs, cashback, interest rates, credit terms, and other financial advantages.
"We have collected in one product what people use every day. For certain services, subscribers receive special terms that allow for significant savings. At the same time, banking benefits serve as an additional value of the subscription. In other words, the client gains more value from both daily purchases and using the bank," adds Dmytro Musienko.
At the same time, "PrivatSubscription" is not a fee for basic banking services, explains the Board Member. For clients who only need standard banking services and do not wish to use additional partner offers, a free level of banking remains. For this level, PrivatBank is also canceling a number of fees.
"The subscription is the client's choice. If a person finds basic banking services sufficient, they can use the free tier. If a client regularly uses partner services, the subscription provides the opportunity to receive them on special terms and additionally use more favorable banking offers. We are not making basic banking paid—on the contrary, we want to give the client a choice of a model that best suits their needs," explains Dmytro Musienko.
Subscriptions were developed in response to client requests and were formed in collaboration with them.
"We started by understanding what clients truly need in their daily lives, and we built the product around that. Therefore, the subscription is not just a set of tariff benefits, but an entire package of offers that helps the client get more value from their daily expenses and use of the bank," notes Dmytro Musienko.
The product is currently in closed beta testing. It will be available to everyone in September.
