BFC Bulletins Monthly News Digest
Tags Customer Experience Digital Transformation Marketplaces Open Banking Startups
We live in a world where startups are emerging everywhere thanks to the idea of aggregated information. For example, to buy a car, you no longer have to go from dealership to dealership. Instead, simply enter an online site like auto.ru. Or go to the popular Yandex.Market for any number of goods. But such sites have many questioning why financial products can’t be found as easily as a television. This prompted Russia’s Central Bank to unite a group of enthusiastic banks, IT professionals and financial service aggregators to create a new marketplace platform for financial services.
Today, a group of developers from five Russian banks are working with a prototype platform to allow users from across the entirety of Russia to easily access financial services such as the remote opening of deposit accounts, the online purchase of insurance products and online credit and investment offers. Of course for the marketplace project to achieve its ultimate goal, there is still a long way to go. It is necessary not only to further amend legislation but also to harmonize all the latest technological solutions in one location. However, the foundation for connecting an unlimited number of financial service providers, including startups, has been established. With the platform scheduled to go live this autumn, the future of how financial services are offered and conducted in Russia is about to be uberized.
