Russia's Sberbank has introduced an online personal assistant that uses machine learning to provide customers with useful advice and recommendations tailored to their individual financial circumstances and lifestyles.
The assistant, in the Android and iOs versions of Sberbank Online, includes a gradient boosting algorithm which helps to predict events in clients’ lives such as vacations and when tax payments are due.
Meanwhile, reinforcement learning algorithms enable the assistant to take client feedback into account and subsequently improve the advice that it provides.
The assistant gives recommendations, such as where to go on vacation, based on the user’s financial activity. If the client likes the suggestion, they can tap on a link to use the service or find out more information.
Svyatoslav Ostrovsky, head, Bank XXI department, Sberbank, says: "Our Assistant is the first Sberbank Online service that helps clients in their everyday lives using machine learning. We believe in this technology and will make use of it to develop our digital products."