Bank of Russia completes tests of AI assistant for financial contracts

The Bank of Russia has completed tests of an AI assistant with eight banks and plans to recommend its use from January 1, 2027. The tool is intended to explain financial-product terms before customers sign contracts.

Deputy Governor Mikhail Mamuta discussed the pilot on RBC Radio and television’s Markets.Results programme. He said the assistant was tested on deposits, credit cards, mortgages and, optionally, compulsory motor liability insurance. Participants and the regulator considered the results satisfactory.

The assistant highlights contract provisions that customers should consider. Mamuta said several tens of thousands of clients took part in broad user testing during the experiment. That figure concerns the trial, rather than a service already operating across all banks.

The next stage involves moving infrastructure into a production environment and adjusting market participants’ systems. The regulator intends to introduce a recommendation-based regime from the start of 2027. Mamuta said the tool’s use could later be incorporated into standards, and possibly regulation.

The central bank envisages integrating the assistant into both online and offline sales. Its methodology was developed by the Bank of Russia and agreed with market participants. A common approach is intended to let clients compare different banks’ products, as well as understand individual offers.

Mamuta has previously said the assistant should remain equally independent of all market participants. In an interview published by the central bank, he described its role as highlighting a product’s key features and contract terms so consumers have the information needed to make decisions.