WB Bank to Introduce AI-Powered Bank Guarantees
WB Bank plans to launch an electronic bank guarantee service for small and medium-sized businesses before the end of the summer. Artificial intelligence will be used to evaluate applications and help speed up decision-making.
The new service will allow businesses to obtain bank guarantees electronically regardless of whether they are bank clients or sellers on the marketplace. The offering is aimed at legal entities and sole proprietors that have been registered in Russia for at least one year. Applications can be submitted through the bank's online account portal or through partner platforms.
According to Georgy Gorshkov, chairman of WB Bank's management board and head of fintech at RWB, artificial intelligence technology has already been integrated into the application assessment process.
According to the bank, the use of AI makes it possible to consider more business parameters during the assessment process and make more accurate decisions. As a result, reliable small and medium-sized companies will be able to obtain guarantees on terms comparable to those available to larger market participants. Guarantees will be available for amounts of up to 50 million rubles (about $640,000), while larger applications will be reviewed individually.
