{"id":3695,"date":"2017-04-18T02:00:00","date_gmt":"2017-04-18T02:00:00","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/remote-authentication-potential-consequences-a-case-study-in-russia\/"},"modified":"2017-12-22T14:37:13","modified_gmt":"2017-12-22T14:37:13","slug":"remote-authentication-potential-consequences-a-case-study-in-russia","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/remote-authentication-potential-consequences-a-case-study-in-russia\/","title":{"rendered":"Remote authentication potential consequences: a case study in Russia"},"content":{"rendered":"<p>The Bank of Russia, the Federal Financial Monitoring Service and the Ministry of Communications are working together with commercial banks to launch a pilot project for remote customer identification.<\/p>\n<p>The unique system of identification and authentication (USIA) works by storing client information in a centralized database. The system relies primarily on voice and facial biometric identification. If the customer then asks for a product or service from another bank, then he\/she does not have to go through the identification process, as the information is already accessible from the USIA via biometric identification. As of August 2016, 32 million people were already registered into the system.<\/p>\n<p>If the pilot proves successfully, it is estimated that all banks will use the system by 2018, leading to:<\/p>\n<ul>\n<li>simplified procedures to open an account and transfer money<\/li>\n<li>eliminated service barriers (i.e. bank branch visits will be optional)<\/li>\n<li>lowered customer loyalty to banks, as the client can easily switch<\/li>\n<li>increased competition for banks (i.e. geographical location will be less important), with tech-savvy banks having a clear advantage<\/li>\n<li>changed bank portfolios and services<\/li>\n<li>the clients can receive an aggregated income statement from all their accounts of all banks<\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-3695 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor (September 2023)'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-september-2023\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/09\/2c793102-d586-cada-2edb-86d5d26725071-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-17323\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/09\/2c793102-d586-cada-2edb-86d5d26725071-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/09\/2c793102-d586-cada-2edb-86d5d26725071-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/09\/2c793102-d586-cada-2edb-86d5d26725071-1024x1024.jpg 1024w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/09\/2c793102-d586-cada-2edb-86d5d26725071-768x768.jpg 768w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/09\/2c793102-d586-cada-2edb-86d5d26725071.jpg 1380w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-17323'>\n\t\t\t\tBFC FinTech Monitor (September 2023)\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='The future of banking: secure omnichannel banking'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/the-future-of-banking-secure-omnichannel-banking\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/12\/the-future-of-banking-secure-omnichannel-banking-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-11991\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-11991'>\n\t\t\t\tThe future of banking: secure omnichannel banking\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Brexit\u2019s impact on FinTech in the UK and the EU'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/brexit-s-impact-on-fintech-in-the-uk-and-the-eu\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/01\/brexit-s-impact-on-fintech-in-the-uk-and-the-eu-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12119\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12119'>\n\t\t\t\tBrexit\u2019s impact on FinTech in the UK and the EU\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The Bank of Russia, the Federal Financial Monitoring Service and the Ministry of Communications are working together with commercial banks to launch a pilot project for remote customer identification. The unique system of identification and authentication (USIA) works by storing client information in a centralized database. The system relies primarily on voice and facial biometric &hellip;<\/p>\n","protected":false},"author":1,"featured_media":7840,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,12],"tags":[206],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/3695"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=3695"}],"version-history":[{"count":2,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/3695\/revisions"}],"predecessor-version":[{"id":7075,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/3695\/revisions\/7075"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/7840"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=3695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=3695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=3695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}