Banks want to exchange customer data

The Central Bank is developing a concept for the transfer of information about customers with their consent between market participants through open program interfaces.

Credit institutions’ access to this information will help improve financial accessibility and competition in the segment, and will also contribute to the creation of new digital services for companies and citizens, the press service of the Central Bank told Izvestia.

The elaboration of such a system has been included in the development plan for 2022–2024.

The FAS supports the launch of data exchange between financial institutions. Large banks accumulate significant amounts of data and gain an advantage over small companies in borrower assessment, analytics, new product development, etc. Therefore, the provision of services for creating models based on this information for other market participants on a paid basis and in transparent terms will help level the competition, according to the antimonopoly service.

Credit organizations agree that a system for exchanging data between market participants is necessary, and they propose to establish the same access to information with retail, said Anatoly Kozlachkov, vice president of the Association of Banks of Russia.

A number of banks have positively assessed the introduction of such a service. Especially there is a request for the exchange of data on customer transactions, this will make it possible to more accurately calculate the credit rating and reduce the risks of losses, stressed Oleg Mashtalyar, Deputy Chairman of the Board of Sovcombank.

At the same time, the state should participate in the creation of such a system and ensure that information about clients is impersonal, and access to information remains public, said Alexei Skorodumov, chairman of the board of Derzhava.

Read more in the exclusive material from Izvestia:

Impersonal data: banks will begin to exchange customer information