Russia-based Sberbank is planning to automate 99% of foreign currency transactions in 2019.
Image: Sberbank head office in Moscow. Photo: courtesy of mos.ru / Wikimedia Commons.
Vice President and Head of the Global Markets Department of Sberbank Andrey Shemetov: “Automation of standard processes saves the most valuable resource – the time of our clients and employees. It will also help to devote more time to other deals, transactions in illiquid time, and rare currency transactions that will still be carried out manually.”
It is important to note that the number of clients’ foreign currency transactions processed by robot algorithms increased from 50% to 90% in 2018.
In 2019, it is planned to increase this number to 99%. At the same time, the number of traders didn’t change, but the bank managed to significantly optimise the labour of employees who were in charge of manual deals in regional offices.
Today Sberbank also actively uses algorithms in stock operations and is considering the possibility of developing them in other assets.
Sberbank today is the largest bank in Russia and a leading international financial institution. It is Russia’s most valuable brand and one of the world’s top 25 brands.
Sberbank has 12 Regional Banks that are responsible for the functioning of more than 14,000 branches in 83 of Russia’s regions. The bank’s international network is made up of subsidiaries, branches and representative offices in 22 countries, including Russia, Turkey, the UK, US, CIS, and Central and Eastern Europe.
Sberbank is one of the five largest employers in Russia and serves as the source of income for every 150th Russian family.
More than 150 mln clients use Sberbank’s services throughout the world. In Russia the bank has around 92 mln active retail clients and over 2.4 mln corporate clients.
Sberbank has a more than 30% share of the aggregate Russian banking sector assets. As the holder of around 45% of the country’s retail deposits, it acts as the key lender to the Russian economy and private clients. Sberbank provides more than 41% of consumer loans. It has an almost 34% share of the corporate lending market and a 56% share in mortgage lending.
Source: Company Press Release