The central bank of Russia is considering a new approach to opening bank accounts through video links in 2024. This was outlined by Ilya Yasinsky, the head of the department responsible for financial monitoring and currency control at the regulator, in statements reported by RIA Novosti. The plan signals a shift toward digitized processes that could reduce the need for in-person visits to bank branches while maintaining strict verification standards. In the broader context, the Bank of Russia is coordinating with Rosfinmonitoring and other federal agencies to explore how remote identity checks could be integrated into daily banking operations without compromising security.
“Another area currently under close discussion with Rosfinmonitoring and other relevant authorities is the practical integration of video identification into the routine of opening accounts within videoconferencing frameworks,” Yasinsky explained. This approach would allow individuals to initiate and complete the process of creating new accounts from remote locations, provided the identity verification steps can be performed reliably via video. Such a development would represent a meaningful evolution in how banks handle customer onboarding in the digital era.
At present, individuals can largely complete first-time bank account openings only through direct, one-on-one contact with bank staff or by using a single biometric system when establishing an account. The proposed video identification system would potentially expand options while preserving the necessary checks on identity and compliance with regulatory requirements. This is part of an ongoing effort to modernize financial services while ensuring risk controls remain intact.
In parallel developments, Sberbank announced in the first half of January that it delivered a remote opening capability for the first current account to limited liability companies and individual entrepreneurs. This move aligns with the broader trend toward remote onboarding, enabling business clients to start banking relationships with less physical contact. The remote process may still require secure identity verification and documentation, but it reduces the need for in-person visits and can streamline onboarding for small businesses and startups.
Recently, Sovcombank’s press service disclosed progress toward offering mortgage options that can be pursued without the buyer’s personal presence when purchasing real estate from a developer. This development suggests a growing acceptance of digital workflows in real estate finance and highlights the role of regulatory alignment in supporting remote mortgage applications. By combining electronic document handling, digital signatures, and verified identity checks, lenders can expedite loans for homebuyers while preserving oversight and consumer protections.
What these initiatives could mean for customers in Canada and the United States is a potential extension of remote onboarding capabilities beyond traditional consumer banking. If Russian banks successfully implement robust video identification and secure remote mortgage processes, similar models may gain traction globally, with banks evaluating the balance between convenience, verification integrity, and regulatory compliance. The emphasis remains on maintaining high standards of anti-fraud controls and money laundering prevention while making financial services more accessible through digital channels.
Industry observers note that the move toward remote onboarding rests on the strength of identity verification technologies, the reliability of video interactions, and the seamless integration with existing banking platforms. As regulators monitor and adjust guidelines, banks in North America and beyond are watching closely to understand how such systems can be implemented responsibly. The ultimate objective is clear: to provide faster, safer access to banking services without sacrificing the safeguards that protect both customers and the financial system.
In summary, the Bank of Russia is exploring video-based identity verification as a potential channel for opening accounts, alongside other ongoing digital onboarding efforts. The initiatives underway at Sberbank and Sovcombank illustrate a broader trend toward remote banking solutions that can benefit individuals and businesses, while the regulatory framework will continue to shape how quickly and how broadly these capabilities are adopted. The coming months are likely to reveal more concrete steps, timelines, and safeguards, as authorities balance innovation with the imperative of strong financial oversight.