End of summer 2024, this opportunity will also be available to clients.

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VTB and Alfa-Bank will launch a similar project in their applications by October. The consent of the banks' clients will be required to transfer data, which, as Sberbank specified, can be revoked at any time, writes RBC. Pavel Samiev, CEO of the analytical agency "BusinessDrom", talks about what the innovation will give to users: "There are a number of positive aspects, because the client will see all of their accounts and transactions carried out in different banks in one application at once. Within one window, you can see your transactions, accounts, deposits, it is easier to plan financial transactions, see cambodia whatsapp number database your receipts, expenses, income, you do not need to collect certificates, documents if you need to provide them from one bank to another, such cases also happen. The most important thing here is increased convenience for clients, there are no obvious disadvantages in this, all this will be done with the consent of clients, there will be no unauthorized unification of this information if the client does not want his banks to merge information into one database on his various transactions and accounts from different banks. Those who do not want, do not give such consent or can revoke it, then there will be no merger of information, data. There are no more disadvantages for clients here, only advantages."

Tinkoff noted that the introduction of the technology will not affect competition and independence of banks and will help expand the functionality of basic products for users. But the fight for clients between financial organizations may reach a new level, notes Vyacheslav Putilovsky, Junior Director for Bank Ratings at Expert RA: "It is based on the initiative of the Bank of Russia to strengthen the exchange of information between banks and with the Bank of Russia as well. That is, combining the financial data of one client from different banks in one application will allow more active study of the actions of this client with the implementation of a variety of goals. Work on improving their applications, their range of services immediately suggests itself, that is, Bank A sees what its client does in Bank B, accordingly, there is an opportunity to make some additional offers or transfer him to its service. The Bank of Russia has a better view of what the client does in Bank A, Bank B and Bank C, and the banks themselves carry out work to analyze his behavior, and this information can then be obtained and used. Banks are already engaged in poaching clients, they will just get an additional tool for this."

This innovation will be possible due to the use of a technology called open API. This tool helps companies exchange data quickly and securely. It is noted that within the framework of the project, financial organizations are currently building systems for storing and transmitting information, as well as protecting it.

RTM Group Technical Department Director Fedor Muzalevsky talks about how safe it is for users: "Data consolidation always gives us new opportunities. First of all, it will be more convenient and faster for making payments, there is a potential for reducing bank commissions by consolidating the database, and by consolidating the databases there is potential for improving the work of anti-fraud systems, systems that fight fraud. If now banks can well assess the risk potential of each specific transfer only on the basis of their statistics, then by consolidating data, they will increase the quality and threshold for detecting fraudulent transactions, but where opportunities appear, risks also appear. The risks of data leakage increase many times over due to the fact that bottlenecks are added. In addition, unfair competition between banks may appear, but they will decide this among themselves in the legal field, and users may encounter a little more spam: before it was from one bank, now it will be from two or three. I am sure that there will be more benefit here, because the risk of leakage is not a very big potential, and the benefit at least due to the optimization of the same anti-fraud algorithms will be more noticeable. Since now nine out of ten attacks are social engineering, the client himself gives out his accounts, balances, and so on, and the technical component of hacker attacks is less than 10%, so even if 10% turns into 15%, then this will not fundamentally affect the statistics of offenses and the vulnerability of bank clients, and banks, most likely, unite not to protect you and me, but to make more money."

Gazprombank plans to launch a similar project in the future, but it is not reported who will act as a partner. Testing on clients will begin in 2025. Earlier, according to the Central Bank's concept, it was stated that the full-scale implementation of the technology will occur in stages until 2026. But market participants, in particular Sber, say that this may happen much earlier.