Artificial intelligence will make 100% of the decisions on loans to individuals in Sberbank by the end of 2020, First Deputy Chairman of the Board Alexander Vedyakhin has said in the interview to RIA Novosti.

“We already issue all credit cards, over 90% of consumer loans and over 50% mortgage loans based on the decisions of the AI, because it is a more complex product. But the trend that the AI makes all loan decisions is the right one. I think the transition will be completed by the end of 2020,” he said.

Vedyakhin has added that every department of the bank is now installing AI technologies.

“We are installing them everywhere, from the front office – a great example is the recent update of our mobile app, which has made Sberbank Online a unique service – to the back office, where artificial intelligence manages routine operations,” said Vedyakhin.

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