With a population of 143mn people, Russia is one of the largest emerging markets in the world. However, with the economy emerging from a recession, the retailer, ecommerce and banking sectors see both risks and opportunities. In coming years, it is expected that the country’s banking and retail sector will recover. With the improving economy, household incomes and spending are expected to narrow the gap with the European average in the long run, presenting even greater opportunity.
Traditionally, there has been a large investment of government ownership in Russian baking sectors. Despite this, there has been a general trend towards improved governance and regulations. As the banking sector embarks on a path towards reform and privatization, there is substantial opportunity, greater competition and further baking section penetration. Furthermore, there is an expected uptick in overall credit growth and general consumer spending with the recovering economy and privatization in the industry.
Consumers are expected to spend more on essential and luxury goods (with large affluent populations in Moscow and St. Petersburg driving sales of luxury goods), but it is the increasing influence of Western retail trends in the long run that will increase the appeal of imported goods. As the currency strengthens, making imported goods less, expensive, Russian consumers will look more and more to cross-border buying for the sake of “bargain shopping”.
As the intersection of banking and commerce in Russia are evolving, knowing your customer has never been more important. The Worldview platform has your Russian electronic Identity Verification needs covered. Our data providers cover approximately 70% of the adult population with the following elements: First Name, Second Name, Surname, DOB, Inner Passport Number, Tax Identification Number.
Data Elements Verified
Date of Birth
With GDC’s Data as a Service model, all data is stored and maintained in Russia in compliance with the local rules and regulations. The sources are independent reference data sets that are qualified for identity verification use cases, and they are reliably updated and maintained by GDC’s data partners. No personally identifiable information leaves the source databases in the process of verifying identities.
Over 70% coverage of the addressable adult population.
Addressable Adult Population.
Ways to Access ID Verification
Manual Review Tool
Identity Verification Partners
The GDC global identity verification platform integrates the best available data and verification intelligence curated from our dozens of in-country partners. Each partner maintains identity verification solutions in their home country, helping in-country clients solve a variety of business problems. They deliver the most reliable identity verification results because they speak the language, understand the regulatory environment, and offer local expertise.
Before joining the consortium, partners are required to go through a thorough vetting process, and their data must pass rigorous testing before it is released to GDC customers. But once they qualify to participate, they are our true partners and a big part of the GDC difference.