Service for digital interaction between banks and individuals through Unified Public Services Portal launched
The Ministry of Digital Development, Communications and Mass Media of the Russian Federation and the Bank of Russia have launched a service that will allow individuals to submit their personal information to credit institutions and insurance companies through the Unified Public Services Portal and receive services electronically without visiting the office. The service has been implemented as part of the experiment to create a digital profile of individuals in line with Russian Federation Government Resolution No. 710, dated 3 June 2019.
The new service will help financial institutions acquire the necessary information about individual customers stored in various databases (Federal Tax Service, Rosreestr, Ministry of Internal Affairs, Pension Fund, etc.). This way, clients and banks will be able to interact remotely, without providing any additional documents. It is crucial to note that this information will only be available subject to a client’s consent stored in the single register of digital consents.
Currently, 20 banks and four insurance companies are participating in the project. Moreover, clients of six banks can already submit an online loan request through their personal account at the Unified Public Services Portal. New credit institutions will be joining the list in the future. Insurance companies are still testing the possibility to issue compulsory motor third-party liability insurance (OSAGO) and motor hull insurance (KASKO) policies through this service.
‘This project is yet another important step forward on the road to the digitalisation of state and financial services. It allows financial market participants and other organisations to obtain necessary information from trusted state sources in a “single-window” mode. For individual clients, it is a convenient and safe way to receive banking and other products and services online. This is especially important today, during the lockdown’, said Olga Skorobogatova, First Deputy Governor of the Bank of Russia. ‘The service is implemented taking into account the necessary information protection measures and is based on the state-owned digital government infrastructure’.
‘We have launched the service in an experimental mode. Right now it is in high demand among both banks and individual customers. In the circumstances of lockdown and working from home, it is important to minimise visits to public places, however people still need banking services. We would like to particularly note that the implemented work-mode is universal and can be used flexibly. For companies, it means, primarily, a possibility to embed this service in their digital end-to-end service provision scenarios. For people, it means a possibility to express their consent for their digital documents to be transferred from state-owned sources to commercial organisations and for their data to be processed by the governmental consent platform. Shortly, it is planned to replicate this possibility to be used by various industries’, said Maksut Shadayev, Minister of Digital Development, Communications and Mass Media.
In the future, this project will be expanded to all credit institutions and microfinance organisations, and new data will be added. In particular, it concerns information about people’s income from the databases of the Federal Tax Service and the Ministry of Labour as well as information from credit history bureaus. The draft regulation is currently being reviewed by the interested state agencies.