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NBU and Ministry of Digital Transformation to Digitalize the Ukrainian Banking System

The National Bank of Ukraine (NBU) and the Ministry of Digital Transformation of Ukraine (MDTU) join forces to digitalize the banking system of Ukraine. This cooperation will result in accessible online services of the global standards that open new possibilities for both banks and customers.

On 13 October 2020, Mykhailo Fedorov, Deputy Prime Minister of MDTU, and Kyrylo Shevchenko, NBU Governor, presented the summary for the first operating week of the new online services for bank customers and told how the banking system of our country would become digitalized.

"A digital state is when you don’t need to stand in line, jump through the bureaucratic hoops to get statements, to make copies of documents, waste time, and undergo stress. This is a state, where all official matters can be resolved anywhere using a phone or a computer. From now on, bank customers that have an electronic passport in Diia application no longer require paper documents to confirm their identification in a bank office," noted Mykhailo Fedorov, Deputy Prime Minister.

The MDTU team was one of the first in the world to launch a service of transmitting(or sharing) digital documents. Sharing e-passports in Diia application is a service that allows citizens to undergo identification in banks and provide their documents in digital format in order to open a bank account without leaving home. The service is available on both online resources of banks (mobile app or website) and in an average bank office. Access codes (QR-codes and barcodes) are generated on customer smartphones automatically that are read by banks. Then the customer confirms his/her consent to transmit personal data from Diia and bank can provide the required service to the customer.

The NBU Governor, Kyrylo Shevchenko pointed out, "The NBU understands the importance and the need for introducing digital solutions in the banking system. The purpose is to make financial services more simple, user-friendly and accessible. The regulator ensures that the MDTU would have no hurdles for introducing its initiative and could seamlessly and effectively operate in the financial sector."

Over 25 million Ukrainians can enjoy bank servicing using digital documents. At present, PrivatBank, Monobank, and A-Bank offer the digital documents sharing service. In the first operating week, new customers have submitted about 4,000 requests for registration in Diia.

At present, over 30 banks preparing to switch to the new interaction format with customers. For that purpose, the MDTU team has prepared all necessary technical documentation, description, and support for setting and testing. Any bank needs 72 hours to set up sharing.

Mykhailo Fedorov called out to all Ukrainian banks to support the national digitalization by joining the MDTU system. Thus, banks will optimize their processes, reduce bureaucratic procedures, introduce up-to-date services, and advance competitiveness. Minimizing social contact during pandemic is also important and can be assured by online services.

Future plans of the NBU and the MDTU is to digitalize not only banks but also other financial institutions as insurance and credit companies etc. 

For reference:

PrivatBank
25 million individual customers
1,974 bank offices
Sharing operates in all bank offices in Ukraine
28 customers already use sharing

MonoBank
2.8 million customers
At present, 3,796 pending requests for registration using documents in Diia 
Active customers account for 491 (virtual account or card in the outlet)
Less than 20 minutes to open an account using e-documents in Diia

A-Bank
3 million customers
455 outlets: 230 bank offices in the country, 225 promotional outlets (in retail stores)
Launched sharing in all bank offices
28 requests successfully processed.

 

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