The Association of FinTech (AFT) has concluded a pilot project in collaboration with the Bank of Russia, focused on using artificial intelligence to analyze financial product terms. The initiative aimed to simplify complex, multi-page contracts into concise summaries for customers, highlighting key service conditions and potential exclusions.
The project evaluated AI effectiveness across four specific financial sectors: mortgages, bank deposits, credit cards, and KASKO insurance. Six AI models were utilized during the testing phase, including Alice AI and YandexGPT Pro from Yandex AI Studio, as well as GigaChat developed by Sberbank.
The pilot was conducted with methodological support from the Bank of Russia's Customer Experience Laboratory. The initiative involved three waves of expert testing and two large-scale user studies, which engaged over 130,000 respondents to verify the utility of the AI-generated summaries.
According to AFT CEO Maxim Grigoriev, 87% of participants responded positively to the tool, confirming that it improves the understanding of complex financial documents. The project was officially launched following a decision by the AFT Supervisory Board on November 10, 2025.
