NEYVA Bank: Banks Can Never Make Biometrics Project Pay Off

UrBC, Yekaterinburg, January 15, 2020. Ural bankers believe the prospective bill on collecting Russian nationals’ biometric data will turn out extremely costly for the banking sector. Based on even the most moderate estimates, the expenses will amount to over several million roubles for a single outlet.

It was reported earlier that the Russian State Duma postponed the passing of the new bill on the collection of biometric data from banks’ retail customers early in the year and sent the paper back for further revision and drafting. Chair of the Duma’s Finance Market Committee Anatoly Aksakov said on January 13 that in all probability no drastic decisions would be made regarding the use of biometric data in 2020.

The passing was postponed, even though the Bank of Russia insisted on getting the bill go through as soon as possible, as the Duma tries to be extremely careful with the digital sector-related bills, Aksakov stressed.

Aksakov also said the issue was a complicated one and needed a special approach, since it all has to do with protecting the Russians’ rights and their personal data, and with protecting businesses as well. According to Chair of the Duma’s Finance Market Committee Anatoly Aksakov, collecting customers’ biometric data is a costly process for banks, so the market players should be consulted first.

‘We believe the project is an extremely costly one for the banking sector. Going by even the most moderate estimates, the expenses will amount to over several million roubles for a single outlet, and the banks will never be able to make this investment pay off,’ Deputy Chair of the Board at NEYVA Bank Igor Koshmin stressed in his comment to UrBC.


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