8 Nov 2023 13:58

Sberbank wants to boost share of lending based on AI decisions from 60% to 100%

MOSCOW. Nov 8 (Interfax) - Sberbank wants to boosts the share of loans issued based on decisions of artificial intelligence, without human intervention, from the current 60% to 100%, CEO Herman Gref said in a statement.

"Today, we have about 60% of all loans issued without human intervention. This does not yet apply to products such as project finance, and so on. However, everything that we call 'plain vanilla' is already done this way. We want to bring this figure to 85%, and then the goal in general is 100%," Gref said during a speech at the Finopolis forum of innovative financial technologies.

According to Gref, Sberbank is already the only bank in the world that can issue loans to legal entities based entirely on AI decisions.

Sberbank has been developing AI technologies since 2012. The period of active investment began from 2018 to 2022, when the bank integrated AI into its entire business. Sberbank calls the latest stage that began in 2023 "AI as the basis for business".