Sberbank has implemented the Seven Minutes project, a unique online loan for large businesses, which has no alternatives.
The decision on loan provision is made in seven minutes. Its maximum amount is RUB 2 bln. The loan can be received even by clients who have current unrepaid loans with Sberbank, as well as clients who have no loans with Sberbank, but carry out payments using the bank’s accounts. Additional documents do not need to be provided when making a loan application.
To create a loan application, clients should fill in the five-question form in their Sberbank Business Online account, choose the appropriate conditions offered by the bank, then receive an automatically generated loan agreement. You still have to print and sign it in the bank’s office, but in November the entire process - from filling in an application to loan agreement signing and money transfer to the account will be automatic. You will not have to visit the bank’s office.
The credit risk assessment is based on a set of models that use big data, including non-structural data. The separate modules aim to describe different parts of the economic and financial activity of the company, its relations with contractors and government bodies on the basis of data on the client from 27 internal and external sources. The products and parameters available to clients (cost, rate, term, repayment period) are formed individually for each company on the basis of the statistical models.
Deputy Chairman of the Executive Board of Sberbank Anatoly Popov:
“We value our clients’ time and want the lending process to be very easy, even for large businesses. The use of machine learning algorithms allows us to achieve this. I would like to stress that the decision made in a record short term, is final and cannot be revised. We believe that this solution is unmatched in our country and even in the world. At the same time, it complies with all the demands of the regulator.”
The pilot project has started in Moscow, and the first clients have already received their loans using the new technology. In December, Seven Minutes will be available in all other regions.
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