BFC Bulletins Monthly News Digest
Tags Digital Banking Regulation
The Central Bank of Russia has several initiatives to facilitate interactions between banks and their customers through modern technology; however, there are many strict responsibilities for customer verification that make these sorts of interactions inconvenient. There are a few initiatives hoping to change that, including digital face recognition and cloud electronic signatures, both currently being tested by Sberbank and VTB Bank.
The Central Bank also aims for a potential cooperation with the government that would allow the later to provide 40 services to the participants of the financial market. The main idea is that the bank’s client would not have to provide personal data, besides the ID card, because that data would be provided by the government. Additionally, banks are working with the government to create a system of blacklisting scammers. Also, the banks have the idea to create, in collaboration with the government, a system for exchanging “blacklists” of scammers.
Despite the innovative initiatives from the Central Bank’s side, the government has proved not as active in implementing new IT reforms as banks would have hoped, with many government projects related to updating IT solutions having an uncertain future.
