Financial Services to Become Even More Convenient for Ukrainians

The National Bank of Ukraine and the Ministry of Digital Transformation of Ukraine are set to launch a joint project that will greatly simplify the sharing of documents between banks, their customers, and the keepers of state registers.
The project will make the services provided by banks to citizens more convenient and accessible.
In particular, it involves the sharing of copies of multiple electronic documents or specific data contained therein that are generated via the Diia mobile application (the so-called multi-sharing).
The Government of Ukraine passed the relevant resolution on 13 April 2024.
“The NBU is working together with the Ministry of Digital Transformation to implement a new model that will greatly simplify the process of accessing financial services by Ukrainian citizens.
For us, this is not only about embracing current digital trends, but also about creating an opportunity for a barrier-free access to financial services and improving the processes of identification/verification, account opening, loan application, and other financial services.
Ukrainians should be able to access all services using electronic documents, especially in times of war, when paper documents may be lost or damaged.  This initiative reduces the risk of not receiving services and speeds up the servicing itself,” said NBU Deputy Governor Oleksii Shaban.
“In addition, it enables banks to better verify, through the state registers as the primary sources, the accuracy of information provided by the customer, in particular about their financial standing and solvency, and to assess credit risks.”
“Multi-sharing is a breakthrough technology that will simplify document flow, eliminate redundant copies of documents, and save time for both company employees and customers.
Through multi-sharing, Ukrainians will be able to share not only copies and data of digital documents, but also proof of income, such as the OK-5 and OK-7 forms, in a few clicks via the Diia application.
Using the multi-sharing feature, the bank will send a request, the customer will confirm it via Diia.Signature, immediately see the name of the banking institution and the list of required documents, and understand which copies they need to send and where,” said Mykhailo Fedorov, Deputy Prime Minister for Innovation, Education, Science, and Technology Development and Minister of Digital Transformation of Ukraine.
On Multi-Sharing Solution
The proposed multi-sharing model will allow Ukrainians to provide, upon request, a banking institution with electronic copies of multiple digital documents, as well as sets of specific information about their financial standing at a time.
Currently, if a person needs to provide electronic copies of multiple digital documents when receiving banking services, they usually send electronic copies of each digital document separately.
If a person needs to send, for example, ten such documents, they will have to go through the same procedure ten times to transfer electronic copies of digital documents from different state registers, showing the barcode of the digital document to a bank employee and confirming the request to send a copy.
This mechanism is not very convenient for both the service user and the banking institution.
Therefore, the technological solution of the multi-sharing model will allow banks to receive customer information from state registers in one package using the Diia app.
Importantly, obtaining the customer’s consent to share such information is mandatory, and only the customer will choose which financial institution and which set of information they want to provide.
On Barrier-Free Access and Economic Development
The implementation of the multi-sharing model will greatly simplify and speed up the process of receiving financial services, and save time and operating expenses of banking institutions,  as users will be able to send via the Diia application multiple copies of digital documents and proof of income, such as the OK-5 and OK-7 forms, at a time.
This approach will ensure a high level of confidentiality, protection of personal data, and prevention of data misuse.
The model is also expected to facilitate:
the continuous operation of the financial system under martial law, by creating additional opportunities for customers to conveniently access financial services revival of lending by optimizing the process of providing customer information to the bank in order to receive financial services, as well as the process of verifying the data provided by the customer. In addition, the multi-sharing initiative of the NBU and the Ministry of Digital Transformation will have a positive impact on the development of public services, particularly in the financial sector, and the digital transformation of Ukraine in general.