Unibank has updated credit scoring for unsecured consumer loans, introducing the technology of Artificial Intelligence (AI).

The AI algorithm will enable us to process great amount of information, to analyze client behavior and to model their profiles far more precisely.

As a result, the bank will be able to make the process of decision making more optimized, risk evaluation quality higher and responsible client service better, offering them more profitable crediting conditions meanwhile saving time and resources.

In 2014, Unibank was one of the firsts in Armenia to completely exclude human factor in loan application review process and to make it automatic by using the newest CRM system developed by Protobase Laboratories company. By 2019, Unibank had processed more than 480 thousand applications with the help of the credit conveyor and provided an answer to the clients within a minute.

“With the introduction of Artificial Intelligence, Unibank has stepped into a new digital reality. The new scoring model will help essentially reduce expenses, make relationships with clients better and increase their loyalty, thus allowing the bank to actively develop and strengthen mass-crediting. According to the data provided by McKinsey, in credit organization that use AI technology, the cost-to-income indicator is by 12 percentage points below the average market,” said Sergey Kocharyan, the Head of Risk Management.

“Unibank is one of the leaders in retail market. Our client base includes 1/3 of working age population of Armenia, and we are striving not only to meet the requirements of modern banking, but also to get ahead of them. The scoring system, based on the statistical data of the bank’s 20 years of work and the Big Data business-analytics, will enable us to make decisions on credit issuance way faster and more efficiently,” said Gurgen Ghukasyan, Director of Retail Business Promotion and Sales at Unibank.

In the future, Unibank will enhance the sphere of the use of AI and will implement the given technology while processing secured consumer and business loan applications.

In 2019, Unibank issued loans to physical persons with a total amount of AMD 71 billion. In the 4th quarter of 2019, Unibank was in a leading position in the Armenian banking system by the number of POS loans. This year, the number of POS loan applications has increased becoming 2 000 per day.