marketplace project
TRANSCRIPT
MARKETPLACE
PROJECT
July 2020
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Marketplace Project initiative:
supports online intermediation services provided by
platforms in financial market to improve consumer welfare
and promote consumer choice
levels the playing field for different size market participants
and so enhance competition in financial market
enables new platform business models developing and
promote innovations by elimination of regulatory barriers
Marketplace Project Strategic Goals
'The development of online services is the main trend in the financial industry. Marketplaces represent the nextlevel of financial services, when a customer can access not just one, but multiple banks through one app. The newregulation changes two things: it builds trusted environment and improves customer journey‘
Sergey Shvetsov, First Deputy Governor of the Bank of Russia
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Fees reduction
Better customer journey
Extraterritorial
Online 24/7
Easy access to financial products
Marketplace Project Philosophy
Easy Quickly Securely
11:00
Banks
Funds
Mortgage
Insurance
Financial services
providers
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Consumers
Financial platforms
Marketplace Project – New Digital Distribution Channel for Financial Products
Consumers can
choose financial
products on
aggregators
Transactions
processing
Aggregator N
Public Services Portal of Russian Federation
Medicine
Communal services
Driving license
National
Registration Pension
Passport
Credit history
Car registration
Social assistance
Legal debt
Registrar of
Financial
Transactions
Registrar of Financial Transactions
Register with
legal information
on transactions
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B2B products
Other financial products
Savings Certificates
Bank deposits
Bonds
Funds
MTPL insurance
Other loans
Mortgage
Bank of Russia supports Market participants should play leading role
Product Development in Marketplace Project’s Scope
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• Setting up a new regulatory field for
financial platform business
• Pilots supporting in selected
products (bank deposits, bond
issuance, fund asset management,
MTPL insurance, mortgage loans)
Marketplace Project – tasks:
Product owners (banks,
insurance companies, funds,
bonds issuers)
• Wider clients base
• Lower customer acquisition cost
(CAC) and clients maintenance cost
• Extraterritorial business
• Outsource of front-end solutions and
selling technologies
Bank of Russia
• Stronger competition between banks, insurance companies and other financial organizations
• Promotion of innovative businesses
• Financial inclusion:
Fully digital services 24/7 for consumers
• Monetary policy:Improvement of the elasticity of the transmission mechanism, narrower range of banks’ deposits
• Long-term liabilities for real economy borrowers
Consumers
• From home
• Online 24/7
• Fully digital services
• Trusted environment
• Broader products list
• Financial literacy
• Best personalized financial offers
• Better customer experience
Platforms / Aggregators
• Attracting new clients via trusted
environment and better customer
journey
• New business models
• Lower barrier to entry for smaller and
newer firms, enhancing competition
between platforms while protecting
privacy and security
• Accumulation and usage of Big Data
Marketplace Project – Stakeholders and Tasks
Contact us 9
Market Place
Bank of Russia web site
WEBhttp://cbr.ru/eng/fintech/market_place/