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Big Data pushing online credit scoring in Russia

We live in a world where data is abundantly available and has become king. With concerns rising over use of personal data, governments were quick to pass laws (e.g. the General Data Protection Regulation (GDPR) and Russia’s Regulation No. 152-FZ) aimed at ensuring consumers that they (and their personal data) …

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How Russians pay

Research company Mediascope has released a study on how and for what residents of large Russian cities make online payments. The study, conducted in May and June of this year, involved Russians aged 12-55 who are residents of cities with a population of 700,000 or more (or of a population …

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Digital transformation risks for Russian financial institutions

The COVID-19 pandemic has given Russian financial institutions the impetus to increase the implementation and use of innovative financial technologies, which will, in turn, serve to further accelerate the process of digital transformation in the financial sector in the country. At the same time, the benefits associated with digital transformation …

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Russian FinTech not adequate for COVID-19 crisis

FinTech in Russia has not yet developed to the point to be able to adequately support Russians through a crisis like that of the COVID-19 crisis. This is highlighted by electronic recording in hospitals not always being available, a cashless payment system that has yet to be fully established and …

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Technology’s influence on compliance

Compliance was once viewed solely as a tool to ensure regulatory compliance, but it has quickly become an integral element of corporate culture. Much of this change in perspective is due to the advent of new technological solutions. For example, compliance was once a largely manual process that could take …

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Moscow to host compliance conference in May

Dialogue Management Partners is hosting the third annual Compliance, Internal Control and Audit in Financial Institutions conference in Moscow in late May 2020. The conference will feature a number of banking experts discussing practical experiences and the latest solutions in compliance from around the world. Find out more here Hackathon encourages …

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Bank of Russia approves RegTech and SupTech roadmap

The Bank of Russia has approved a RegTech and SupTech roadmap to ensure effective and high-tech regulation and supervision in the country. The roadmap was designed to: determine the goals and objectives of SupTech, outline key activities to achieve them, identify the main areas of activity on the side of …

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7 developments awaiting the Russian banking sector in 2020

Russia’s banking market has already proven itself to be very dynamic. But with changing regulations, new business models and new innovations coming to market, 2020 promises to be an interesting year for banking in Russia. Here are 7 trends expected to define banking in Russia this year: Ecosystems and super-apps …

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Key innovations changing Russia’s financial services industry

Digital transformation of the Russian financial sector already has a solid base. And with more and more Russians taking advantage of remote service channels and becoming connected to regular internet access, there is tremendous growth potential for digitalization in Russia. In order for this to come to fruition, there are …

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Cybersecurity as a service – a new global trend

Cybersecurity as a service is part of a wider global trend toward the sharing economy model, in which consumers pay for a service over time as opposed to buy a product outright. As with most breakthrough concepts, cybersecurity as a service has gone from a few small startups with a …

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Russia’s Big Data Association to create Big Data sandbox

The Big Data Association has announced its intention to create a sandbox for working with the anonymized personal data of association customers, including data on purchases, payment types and mobile-related data. The Big Data Association hopes that the sandbox will allow association members to better design products and services. There …

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Digitizing Russia’s data for better public services

Despite the advances brought by digitalization and the wide availability of public services in electronic formats, Russians are still forced to make in-person visits and deal with physical documents stored in dozens of different places to do a number of, what should be, fairly mundane and routine tasks. Not only …

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Russian banks to send biometric data to centralized database

Russia’s Central Bank and Rostelecom plan on using biometric data collected by financial institutions to fill out the Unified Biometric System (EBS). EBS, designed to facilitate the delivery of banking services remotely, was launched over a year ago for all financial institutions to add to and benefit from; however, only …

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Russia debates the personal nature of Big Data

Amendments to Russia’s Law on Information, Information Technologies and Information Protection are currently being discussed and could have major implications for how Big Data is used in the country. The discussion centers around whether Big Data (which does not contain personal data per say but could potentially be further processed …

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Ethics in Big Data is becoming a big deal in Russia

Participants in Russia’s emerging Big Data market, including the Internet Development Institute (IRI) and the Big Data Association (ABD) (which includes Yandex, the Mail.ru Group, Sberbank, Gazprombank, MegaFon and Rostelecom), have developed a self-regulatory ethics code that, in their opinion, will allow the industry to move forward and avoid any …

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Where to find Big Data in Russia

The data market is starting to come to greater prominence around the world. Perhaps nowhere is this truer than in Russia, where the data market is still largely in its infancy. In fact, the government of Russia is still trying to figure out rules for balancing data use and privacy …

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