In February 2017, Sberbank launched its new ‘Tips’ service, which won the ‘EFMA Innovation of the Month’ award in March 2017.The new service was created to provide their 20 million clients with useful recommendations regarding their financial patterns. The principle of the service is to help the bank clients with analyzing their personal financial information such as expenditures, and suggesting what steps they can take to be more balanced in the future.
The service works by using mathematical algorithms to detect patterns and build hypotheses. Based on the hypotheses, specific advice is given. Sberbank also created a platform through which other units of the bank can generate content themselves and “pour” it into the application. The different departments, thus, work together to transform the available information into an interpretable set of data.