The results of the discussion of the report on non-discriminatory access to data

Market participants and regulator together will continue to improve existing mechanisms for obtaining and sharing data about individuals, and the creation of the Institute the special information of the agent at this stage is inappropriate. To such conclusion participants of discussion of the Advisory report of the Bank of Russia “non-Discriminatory access to data of individuals in the financial market”.

Now small and medium-sized financial institutions face difficulties and have limited access to the data sets about an individual, which would allow the same quality to profile customers and assess credit risk, as do major players. This is especially true of data from alternative providers — mobile operators, social networks, operators and other fiscal data.

The Bank of Russia jointly with market participants and is considering proposals to streamline the procedure of obtaining consent of the individuals and the involvement of intermediaries to process data. In addition, we should improve the rules and requirements for legal and responsible work with the data based on the current level of digitalization of the financial industry.

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