Sber introduces AI to approve bank guarantees

Oct 19, 2021

Sber has introduced a new decision-making algorithm that will consider bidders’ applications for bank guarantees. The innovative AI-powered solution has been adopted on Sber ecosystem’s Sber A procurement venue.

The machine learning model that accurately determines the likelihood of successful execution of government contracts was designed after analyzing anonymized data on millions of completed contracts placed in the Unified Information System of the Federal Contractual System. From now on, decisions to issue bank guarantees to auction participants on Sber A will be made considering this model’s recommendations.

Sergei Bessonov, vice president, director of Lending Products and Processes, Sberbank:

“The AI model analyzes the parameters of an order in seconds, so we can immediately inform a bidder in a government contract of our decision regarding a bank guarantee. The probability of a denial is much lower than when using the conventional evaluation methods. Moreover, the launch of this technology allowed us to increase up to four times the upper limit for bank guarantees that government contract bidders seek to have issued.”

Nikolay Andreyev, CEO, Sber A:

“The adoption of AI will add high approval rates and increased upper limits to the well-known upsides of obtaining bank guarantees on Sber A, which has been known for its speed and convenience.”