Market players and the regulator intend to join efforts to enhance the current workings of individuals’ data receipt and exchange, with the idea of a dedicated information agent having been deemed inexpedient at this juncture. These conclusions emerged following a discussion of the Bank of Russia consultation report ‘Non-discriminatory access to individuals’ data in the financial market’.
Small-sized and medium financial institutions are currently tackling the problem of limited access to bulk data on individuals — which could enable them to profile customers and assess credit risks in a manner similar to major players. This is particularly true of data supplied by alternative providers including mobile operators, social media platforms, fiscal data operators, etc.
The Bank of Russia, jointly with market players, is looking into proposals for streamlined authorisation procedures involving individuals and intermediaries processing their data. In addition, further improvements need to be made in rules and requirements for legal and responsible data handling based on current advances of digitalisation in the financial sector.