T1 Holding and VTB Introduce Domestic Financial Planning System

2024: Import Substitution Plan for Automated Long-Term Financial Planning System

T1 Artificial intelligence (part of T1 Holding) will act as a technological partner VTB in the project for to import substitution an automated long-term financial planning system. The IT company will introduce a bank domestic EPM solution "," Turbo Budgeting which will reduce dependence on foreign technologies and optimize financial process management. This was announced by T1 on October 18, 2024.

The project involves the introduction of a modular system with high modernization potential. The perimeter of the system provides for several separate solutions for centralized storage of actual and forecast macro indicators (banking market volumes, foreign economic activity indicators, rates, etc.), preparation of a strategic financial plan with the ability to create scenarios and work with them, as well as storage and processing of data on the banking market of the Russian Federation and individual players.

The domestic banking industry needs innovative and reliable solutions that comply with current trends in the Russian market and regulatory regulations. T1 AI has extensive experience in introducing software products for the financial sector, including in adapting planning, budgeting and reporting consolidation models. This, coupled with the team's specialized technological expertise, will help integrate a flexible and scalable system that will provide the customer with valuable data and improve the quality of management decision-making, said Sergey Golitsyn, Head of T1 at T1 Holding's AI.

The strategy is one of the most difficult objects for automation, since it requires flexibility in calculations to prepare it. The system offered by our partner is not only limited to preparing forecasts of the financial goals of the strategy, but also includes the centralization of data sources - from macroeconomics and the banking sector to individual business indicators. Also, more scenarios can be used in planning, and this provides higher data accuracy and reduces the likelihood of errors. And the second important advantage is that the technology reduces routine operations by using artificial intelligence functions. Ultimately, all these improvements will lead to an increase in the quality of planning, which will allow VTB Bank to more effectively use existing resources and maximize its contribution to the development of the economy, "said Natalya Surova, head of the financial department of VTB Bank.