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Ameriabank has pioneered a new cutting edge consumer lending system (consumer finance) in the Armenian financial market. It is based on machine learning/artificial intelligence algorithms. The new system makes consumer lending faster and more convenient for the bank’s clients. Due to comprehensive appraisal of the client’s creditworthiness the process of lending is carried out with maximum accuracy. The ratios are calculated automatically based on the client’s personal information, creditworthiness, credit history and other data. 

This new platform has already shown tangible results. It triggered material increase of the consumer loans approved and issued to the clients. In November 2019 alone, when the platform was launched, the bank issued 4824 consumer loans (consumer finance) based on machine learning/artificial intelligence models causing the respective indicator to increase by 33%. In December the number of consumer loans (consumer finance) issued by the bank grew by 35% totaling 7897. 

The volume of consumer loans issued based on this model in November-December of 2019 amounted to over AMD 3,7 billion which in its turn resulted in 46% growth of total consumer finance volume. 

It’s worth mentioning that in November 2018 the Bank successfully launched a similar platform for small and medium enterprises. The decision on lending is made and the loan is provided in a few minutes based on information received from various sources automatically. The platform continues to operate successfully by enabling the companies to handle the whole lending process from application completion to execution of loan agreement automatically. 56% of all retail business loans are now approved and issued via this platform. After introduction of this new model the number of borrowers using business loans increased by 42% and total financing amounted to AMD 3,1 billion. 1241 loans were approved and issued via this platform. 

Strongly committed to provide quick, flexible and convenient servicing to its clients Ameriabank goes on improving its remote client service system by introducing new top-notch technologies. 

Updated 17.01.2020, 12:12
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