Sberbank aims to automate 99% of foreign currency transactions in 2019

Maria Nikolova

In 2018, the share of clients’ foreign currency transactions processed by robot algorithms increased from 50% to 90%.

Sberbank Rossii PAO (MCX:SBER) continues to implement novel technologies, with algorithms already being used for processing the bulk of Sberbank’s clients foreign currency transactions. The bank has just voiced its plans to work further in this direction.

Sberbank plans to automate 99% of foreign currency transactions in 2019.

Vice President and Head of the Global Markets Department of Sberbank Andrey Shemetov commented:

“Automation of standard processes saves the most valuable resource – the time of our clients and employees. It will also help to devote more time to other deals, transactions in illiquid time, and rare currency transactions that will still be carried out manually.”

It is important to note that the number of clients’ foreign currency transactions processed by robot algorithms increased from 50% to 90% in 2018. In 2019, the bank aims to increase this portion to 99%. At the same time, the bank has managed to significantly optimise the work hours of employees who were in charge of manual deals in regional offices.

Currently, Sberbank also actively uses algorithms in stock operations and is considering the possibility of using them for deals with other assets.

The bank is known for its passion for new technologies. Earlier in 2019, the bank announced the launch of an AI-based chatbot that will help users of electronic trading system Sberbank Markets. Basically, this move marks the start of the public testing of the solution.

The new solution will initially consult clients about FAQ related to the work of Sberbank Markets. In the future, the chatbot is set to gain extra capabilities. It will inform users about trading developments, as well as about perspectives of entering into deals with various asset classes.

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