BFC Bulletins Monthly News Digest
Tags Data Digital Banking
One of the most pressing issues for financial institutions in Russia is how to make financial services available to those living in small towns and remote settlements. For much of history, financial institutions had to make efforts to develop physical infrastructure to reach these consumers; however, such investments were typically unprofitable and undesirable. Now however, digital solutions are making it possible to provide all citizens, independent of location, with access to at least basic financial services. Moreover, the development of digital platforms is creating an environment akin to a digital city. And with a city (even a digital one) come financial institutions.
As more and more services come online and connect a greater number of people, digital financial institutions are expected to rise in both number and popularity. Moreover, they will increasingly help those in more remote areas gain access to the same financial opportunities present in large cities since digital financial institutions do not rely on physical locations and can service individuals regardless of location.
