In Russia, artificial intelligence has been tested that analyzes complex financial contracts and highlights conditions that clients should pay special attention to. The pilot project was completed at the FinTech Association platform with the participation of DOM.RF and ten large companies of the Russian fintech market.
The AI transformed multi-page documents into a short memo titled "What to pay attention to." It compiled key product conditions, features of its use, and important exceptions that a person might miss when reading the contract independently. The solution was tested in four areas: mortgages, deposits, credit cards, and comprehensive insurance.
Within the project, four prototypes were developed, and six AI models were used. The effectiveness of the solutions was evaluated in several stages: three waves of expert testing and two large-scale user studies involving over 130 thousand people.
According to the FinTech Association, the use of such a memo increased understanding of the terms of complex financial products. 87% of testing participants positively evaluated the appearance of such a tool. It is assumed that in the future, the technology will help reduce the number of mis-selling cases — the sale of products whose terms the client misunderstood or did not fully understand — as well as the number of complaints against financial organizations.
The pilot was conducted with the methodological support of the Bank of Russia's Customer Experience Laboratory. For now, it is about confirming the viability of the approach and testing prototypes, rather than launching a unified service for all banks and clients.