A Senior Project Manager in charge of Deposits at monobank with years of experience managing deposit products shares how these instruments are evolving and becoming even more customer-centric, with interest rates now tied to how healthy a lifestyle the user leads.
In 2018, Ukraine’s first mobile-only bank, monobank, launched an innovative “Sports Deposit” and it immediately sparked widespread interest in the fintech industry. The Guardian called this product a unique example of how a bank links financial rewards to physical activity: monobank began offering clients higher interest rates for meeting a daily goal of 10,000 steps. The “Sports Deposit” was designed and implemented under the leadership of Vitalii Ohnivets, Senior Project Manager at monobank.
Vitalii Ohnivets has extensive experience working with deposits at both monobank and PrivatBank (Ukraine’s largest bank by assets, number of clients, and deposits). In this interview, he shares the story behind the product, explores how fintech is reshaping savings, and explains how his banking experience informed the development of new digital solutions.
Vitalii, traditional deposits can be perceived by users as a “boring” banking product. How did you approach the task of making your “Sports Deposit” not just functional, but emotionally engaging? You were also responsible for designing user scenarios and the interface – what did you need to consider?
When we at monobank were initially thinking about launching deposits, our main goal was to create exactly that kind of product: one that would boost user motivation through emotional mechanics. A deposit is about growth, and we decided to show this process literally by visualizing interest accrual in real time. Clients could see their investment generating income every few seconds.
The next step was gamification. That’s how the idea for the “Sports Deposit” emerged in 2018, and I began developing its concept. We turned the deposit into a simple challenge: walk 10,000 steps a day. If the goal is met—the client gets the maximum rate, 21% annually. If not—the rate decreases. This isn’t just a deposit, it’s a motivational challenge where financial benefit directly depends on personal activity.
We integrated directly with fitness trackers such as Apple Health and Google Fit to automatically track steps. I developed the enhanced rate logic and activity verification model, and was responsible for how progress is visualized in the deposit interface. Clients shared screenshots, competed with each other, and supported one another. We managed to create a new type of financial product that stimulates not only capital growth but also a healthy lifestyle. Clients weren’t just earning interest—they were competing with themselves.
Your product relies on cross-domain integration. Overall, the mechanics used in this product are atypical for bank deposits, which is why your development attracted the attention of international fintech media and made the product notable beyond Ukraine. You’re not only the Senior Project Manager leading this project but also an expert in deposit technologies. How much did your previous experience at PrivatBank help in creating innovations at monobank?
I’ve been working in the banking industry for over 15 years, 13 of which I spent at PrivatBank, focusing specifically on deposit products. I remember how the profile of depositors changed: from offline service in branches to completely online. We started with basic savings instruments through ATMs, then implemented the ability to open deposits on the bank’s website. By 2017, more than 23% of all deposit operations were already being conducted online through the mobile app.
This journey showed that the future lies in complete self-service and simplicity. All my previous experience became the foundation for what I do now. That experience enabled me to focus on innovation rather than basic functionality. I understood both the financial mechanics of deposits and how user behavior shifts in a digital environment, which allowed me to define the business logic and financial model of the “Sports Deposit”, including linking returns to physical activity.
As part of the project, you formulated technical and business requirements and coordinated them with stakeholders, considering regulatory constraints. The “Sports Deposit” had no direct analogues in the Ukrainian market—how challenging was it to implement such innovative solutions as fitness tracker integration in the heavily regulated banking sector?
It’s a complex task, and the key is finding a balance between innovation, convenience, and regulatory compliance. For example, when creating the “Sports Deposit,” it was important to address data security issues between the fitness tracker and the banking system and clearly define the rules for crediting rates. It was critically important to ensure the reliability and transparency of the step-verification algorithm. Beyond regulatory and technical constraints, we also had to consider how users adapt to fully digital banking in a traditionally offline environment. When we introduced fully online deposit opening, we had to account for client psychology — at the time, many people still preferred visiting a branch. In a digital setup, it’s just the client and their smartphone, so we deliberately kept the process as simple as possible. At the same time, we left the option to request a paper deposit agreement. Initially, up to 42% of users chose it, but over time that figure dropped to around 25%. This clearly shows that trust in digital banking is built through convenience and transparency.
Many startups focus on complex processes while thinking less about the user journey. But monobank has bet on radically simplifying how clients work with its services. How does your product approach and choice of tools help the client, and what would you call fintech’s main advantage?
For us, fintech is the vision that monobank was built on from the very beginning: we initially designed it as a service where everything should work quickly, simply, and pleasantly. That’s precisely our philosophy—minimize unnecessary steps, speed up everything that can be sped up, and give users instant results. It’s when a deposit opens in seconds, the card balance updates in real time, and any operation is self-explanatory.
Our rules are simple:
- if an operation can be done in two clicks—it shouldn’t take three;
- if a screen is cluttered—it needs to be simplified;
- if a step doesn’t add value—it needs to be removed.
This is the real power of fintech: transforming banking operations into a convenient and positive user experience.
How do you see the future of savings products in the next 3–5 years?
The future lies in automation and personalization. Savings products will become much smarter, adapting to client behavior, automatically distributing money between goals, and suggesting optimal instruments. Clients won’t have to manually decide where to transfer funds—the system will suggest the best option.
Gamification, first implemented in Ukrainian deposits through the “Sports Deposit”, will become the standard. Financial products won’t just be about money but about goals, emotions, and habits. People enjoy seeing results, sharing them, and comparing progress.
The Ukrainian depositor profile has shifted toward a younger, more financially active audience. Convenience and reliability now matter more than simply offering the highest interest rate. Depositors increasingly look for an optimal balance of returns, transparency, and ease of use.
Traditional banking products are evolving. Deposits and savings will increasingly become part of a wider financial ecosystem, where users manage all their finances in one clear and simple app.
