Sberbank has installed ABBYY’s intellectual technologies into its online news monitoring system to secure automated analysis of media reports about counterparty banks.

Citing ABBYY press service, Banki.ru reports that the robot reads the publications that mention Sberbank’s counterparty banks and helps them with assigning and updating credit score.

AI technology analyzes the contents of the news reports and finds mentions of risk factors such as changes in ownership structure, violations of the terms of the deal, conflicts involving shareholders or managers. Afterwards, it singles out related objects: names of the banks, names and positions of the participants of the events.

“This solution allows online aggregation and content analysis of news reports and their classification by various risk factors. ABBYY models process all news about over 1000 counterparty banks in real time, which means only relevant data ends up in the files. This achievement has substantially cut the work efforts our staff puts into processing and structuring information,” said Sberbank.  
 
According to Olga Morozova, Head of Partners Network Development Division at ABBYY Russia, working with news is a crucial part of risk management. If the bank fails to react to an important news topic, it could impact the bank’s reputation and financial stability.

“ABBYY’s intellectual technologies free the bank employees from the need to read the entire news flow, which notably speeds up the bank’s response, reduces the work effort and increase the accuracy of the analysis,” she said.

ABBYY was founded by YSU’s Physics and Mathematics Specialized School alum David Yang, who now chairs the company’s board of director. He also created Ayb Educational Foundation.

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