Systemic Risks Linked to the Digitalization of the Economy and Opening of Smart Bank Branches (international aspects) MFA’s Diplomatic Academy Boris B.

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Presentation transcript:

Systemic Risks Linked to the Digitalization of the Economy and Opening of Smart Bank Branches (international aspects) MFA’s Diplomatic Academy Boris B. Loginov Ph.D. Professor of the Global Economy Department, MFA’s Diplomatic Academy

Digitalization issues that pose ML/TF and predicate offences risks a low level of readiness and harmonization of legal and technical tools in countries around the world inadequate trust and practical cooperation between law enforcement agencies of different countries in combating cybercrime a low level of financial digital literacy sanctions-linked international standoff that draws actors who are not criminals into the system of risks, supervision and fight against ML/TF

Documentation requirements for account opening,% of 124 jurisdictions Government-issued document Any form of ID Proof of nationality or legal status Proof of address Proof of income Proof of employment Other documentation Source: 2017 Global Financial Inclusion & Consumer Protection (FICP) Survey, WBG. 124 jurisdictions participated in the survey

Smart bank branches – a new form of banking 10,000 bank branches have closed in the past 10 years in the U.S., on average 3 per day

Country-specific differences in promoting digital banking, % of customer base Prefer branches or ATMs (due to low trust in banks and financial system) Favor branches or ATMs (low-tech seniors) Only basic products digitally (for advice and complex products) Digital channels for almost all banking (for advice only) Without bank visits (fully remote banking) Italy 48 14 5 10 25 Spain 43 16 7 13 22 U.S. 38 9 17 20 France 35 21 Germany 31 8 15 UK 19 Sweden 11 30 23 Netherlands 27 28 Source: A bank branch for the digital age. Global Banking. McKinsey. July 2018.

A digital bank branch includes: Interactive digital walls Digital queue Self-service terminals Virtual assistant Attention-grabbing screens