Sberbank has taken a significant step forward in the realm of project financing by integrating artificial intelligence (AI) into its credit decision-making processes. Since the end of 2023, the bank has utilized AI to expedite decisions related to project financing for developers, resulting in the approval of over 1.4 trillion rubles for housing construction projects. This innovative approach not only streamlines operations but also enhances the efficiency of service delivery to clients.
According to Anatoly Popov, Deputy Chairman of the Sberbank Management Board, the implementation of AI has transformed the way the bank operates. "Sber is investing heavily in the development of artificial intelligence, thanks to which we can move far ahead in this area. The capabilities of AI allow us to create products and solutions that save our clients time and make interaction with the bank more convenient," he stated during a recent conference on real estate titled "Time of Change: Housing. From Forecasts to Reality."
The AI system has proven its effectiveness by enabling Sberbank to issue commercial offers for standard housing financing transactions within a single day. If a client agrees to the terms proposed by the AI, the process can move forward quickly. Once the client submits the necessary documents, final approval can be achieved in just 3 to 5 business days. This rapid turnaround is a game-changer in the construction finance sector, where time is often of the essence.
Since the launch of this AI technology, more than 700 housing developers have benefited from loans approved through the system, securing a total of 1.4 trillion rubles in financing. The bank's focus on AI has allowed it to handle complex financial products, including bridge loans and project financing, further broadening its service offerings.
Popov emphasized the bank's commitment to continuing its investment in AI technologies, which are already yielding substantial results. "Today, AI is capable of forming proposals even for such complex products as bridge loans and project financing. We are on track to expand this trend, and soon we will have an AI service that will assist entrepreneurs with filling out loan applications," he explained.
The introduction of AI in Sberbank's processes reflects a broader trend within the financial sector, where institutions are increasingly leveraging technology to enhance operational efficiency and customer experience. The ability to quickly assess and approve loans not only benefits developers but also contributes to the overall growth of the housing market.
As Sberbank continues to innovate, the implications of its AI integration extend beyond mere convenience. By reducing the time required for loan approvals, the bank is enabling developers to initiate projects more swiftly, ultimately leading to increased housing availability and potentially addressing the ongoing housing shortages in various regions.
In conclusion, Sberbank's pioneering use of AI in project financing marks a significant advancement in the banking sector. With ongoing investments in technology and a commitment to improving client interactions, the bank is setting a new standard for efficiency in financial services.
