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Russian banks will simplify the issuance of loans

Russian banks will simplify the issuance of loans
Photo: pixabay.com

Large Russian banks are switching to electronic contracts with customers. They will sign documents on granting a loan, opening an account or issuing a card in virtual mode. According to experts, this will speed up the service, and in most cases eliminate the need to visit the bank branch.

According to "Izvestia", in the near future, Sberbank, VTB, Alfa Bank, Raiffeisenbank, Promsvyazbank, MKB, Otkrytie, Post Bank, St. Petersburg, RNKB and OTP Bank intend to completely abandon paper contracts with customers. Thanks to the electronic form, business customers will be able to get a loan in just three minutes, and get money into the account in ten minutes.

Electronic contracts also have disadvantages, experts say. They contribute to the signing of documents “without looking”, as a result of which the client can express his consent to such operations, which he would never have agreed to in person. The Central Bank, where digitalization is considered a boon, clarifies that banks will be required to bring comprehensive information about their services to consumers.

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