Digitalization of finance: Bank Khlynov studied clients’ perceptions of digital ruble

Users of banking services increasingly value speed, convenience and security when making transactions. Digital technologies, including the digital ruble, help to move in this direction. To better understand clients’ expectations and concerns, the bank surveyed 600 respondents. 

Many respondents – 86% of individuals and 96% of legal entities – said they had heard or known about the digital ruble, compared to 55% a year earlier. 

The survey found that among the main advantages of the digital ruble customers reported ease of use (51%), increased security, fast transactions and government control (over 40%), and low acquiring fees (35%). 

However, the survey also revealed certain concerns. Among them, users noted: cyberattacks on the Central Bank servers, supervision over money, lack of cashback for purchases, restricted use of the digital ruble.

 Khlynov Bank Board Chairman Ilya Prozorov emphasized that digitalization is an inevitable future, and the transition to the digital ruble will be an important stage in the development of the financial industry: 

“We live in the era of digitalization, and this is not just a trend — it is a necessity. Not long ago, the Faster Payment System was created, which had a dramatic impact on the work of banks and is now used everywhere. Today we are introducing the digital ruble — an analogue of cryptocurrency controlled by the Central Bank of the Russian Federation. In a longer run, a completely new financial flow management architecture will be built based on the digital ruble to open up broad opportunities for the budget sector, businesses and ordinary citizens.”

Tweet