Russian banks might reduce interest rates on loans that are issued using biometric data. However, they have not revealed how much the rates will be.
The possibility to introduce remote identification has been considered for a range of banks for a while. The Bank of Russia allowed Russian loan providers to transfer citizens’ loans with confirmed biometric data to the smaller reserve portfolios starting September.
Banks that provide biometric products can enjoy a series of advantages. For instance, they can service new clients remotely. Experts say that new technologies will cut down the banks’ expenses and customer service time.
In addition, biometric technology will help banks lower the risk of dealing with unreliable debtors, Izvestiya daily writes. At the same time, banks do not expect that too many clients will be interested in biometric products. They will be useful to those who want to get remote banking services.