Financial services for people with disabilities: priorities and Bank of Russia’s proposals

This portion increases to 86%, if we do not take into account the fulfilment of recommendations on installing necessary equipment at offices and self-service devices. Nonetheless, these are the tasks that are now becoming top priorities. Therefore, they should be a focus of attention — First Deputy Governor of the Bank of Russia Sergey Shvetsov emphasised at the meeting of the Bank of Russia’s task force for enhancing financial inclusion for persons with disabilities, elderly and physically challenged people.

‘Already now, many banks have announced that they are committed to the UN’s sustainable development goals where social issues, along with environmental and corporate governance issues, are prioritised. This is the conscious policy of largest banks towards their customers. This is very good that banks are aware of these issues, and I am grateful to them for this’, Sergey Shvetsov said.

According to the findings of the study by the NAFI Research Centre commissioned by the Bank of Russia to analyse financial inclusion in Russian banks, people with disabilities are generally satisfied with the quality of servicing both in offices and via remote channels (81%). However, there are a number of challenges facing sight-impaired persons (the most vulnerable group), especially when using remote services. Analysts recorded such problems as a shortage of consultants at bank offices and a lack of information on certain special services for people with disabilities.

The participants in the meeting discussed proposals on enhancing the security of people with disabilities and elderly persons when they use remote financial platforms. These proposals were developed by the Bank of Russia jointly with market players and experts. Such customers might be entitled to set certain limits for the amount and number of remote transactions, assign an assistant for additional control over such transactions, and make up an exhaustive list of persons authorised to receive money transfers conducted remotely.

The top-priority objectives of the task force’s further work include a complex of measures to enhance financial inclusion for the mentally challenged. According to monitoring, 52% of credit institutions are launching special services to improve the servicing of such customers, and another 21% are planning to do this in the near future. Furthermore, an essential task is still to raise financial awareness in this group of the population, as well as to transform main information documents and agreements so as to make them simpler and easier to understand. At the request of the Bank of Russia, specialists continue to prepare a glossary of financial terms that would help address this task.

In 2021, the Bank of Russia jointly with the Public Chamber will hold a comprehensive discussion of the issues of financial inclusion for people with disabilities and will then prepare new recommendations for financial market participants and their associations.