Sberbank planning to automate 99% of foreign currency transactions

Source: Sberbank

Sberbank plans to automate 99% of foreign currency transactions in 2019.

ice 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.
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