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Russian banks to ditch paper contracts with clients
Russian banks plan to abandon paper contracts with clients. The door to the new reform will be opened by a new law on digital archives, of which the drafting will be launched by the State Duma at the autumn session.
According to Izvestia, large banks have reported that they have prepared a new reform and are migrating to a paperless document flow, which will allow faster service delivery, ensure cost reduction of up to 80%, and protect dozens of trees.
Deputy Anatoly Aksakov believes the change will allow banks to save billions, if not tens of billions of dollars a year. Today, organizations have to spend money on paper, document storage space rent, temperature control and security systems, the deputy explained.
“We want to adopt a law that will allow all information to be stored on paperless media. Though, it should be duplicated to avoid the risks of data losses. There will be no need anymore to buy paper in huge quantities. This means huge savings, lower costs, and, therefore, a lower rate of interest, for example,” said Anatoly Aksakov.
The Bank of Russia believes that the bill will help to reduce the costs of paper documents storage and processing, since it will allow organizations to switch to solely electronic document interchange.