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.

Read this next

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

Digital Assets

Big Time Generates over $100M in Revenue since Preseason

Innovative game developer Big Time Studios announces that its highly anticipated free-to-play multiplayer action/MMO RPG Big Time, has generated $100M in revenue. According to the team, players transacted a total volume of over $230M, without selling a single token.

<