Central Bank of Russia predicts improvement in conditions in commercial banks thanks to the digital ruble First Deputy Chairman of the Central Bank of the Russian Federation Sergei Shvetsov expects that the launch of the digital ruble will force commercial banks to improve customer service in order to remain competitive in the new environment.

The Central Bank of the Russian Federation predicts an improvement in conditions in commercial banks thanks to the digital ruble

First Deputy Chairman of the Central Bank of the Russian Federation Sergey Shvetsov expects the launch of the digital ruble to force commercial banks to improve customer service to stay competitive in the new environment.

“Of course, the digital ruble will also affect the competitive environment, and will affect the existing business models, primarily of credit institutions. [...] Payments will move from the banking sector to other financial intermediaries, "he said during an online event at Forum AC, dedicated to the recently released Bank of Russia report on the digital ruble.

Shvetsov noted that the digital ruble will become a competitor to non-cash money, but it will be "faster, easier, cheaper and more reliable.".

“Therefore, banks will have to improve the system of cashless payments, raise interest rates on balances on their accounts, that is, turn to the consumer and adjust their actions in the area of ​​their business models, on what they earn,” he added.

The representative of the Central Bank believes that the complete disappearance of commercial banks is not threatened. On the contrary, banking services will improve and customer satisfaction will increase, he says..

According to Shvetsov, the vast majority of those who provided feedback on the digital ruble support the idea, and its concept may appear in the first quarter 2021 year.

First Deputy Chairman Bank of Russia Olga Skorobogatova also announced today that the digital ruble may be used in the future. to implement international transfers, but for this they will have to be supported by other countries.

“As for the possibility of cross-border transactions, this is a topic when other regulators will already issue their currencies. Not only China, but at least a few players. Then you can talk that you can integrate with systems of a similar level ", - she said.

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