Bank of Russia Tests a New AI Model to Help Consumers Decode Financial Contracts
In July, the Bank of Russia is set to present the results of testing an independent AI assistant designed to protect consumers. The system is intended to help people understand financial service agreements by explaining complex contract language in plain terms.
Financial contracts are often written in legal language so complex that understanding key terms without specialized knowledge can be nearly impossible. According to the Bank of Russia, one in five users of financial services has encountered this problem more than once. The AI assistant translates complicated legal wording into language that is easier for consumers to understand while drawing attention to the contract's most important terms and conditions.
AI That Reads the Fine Print
Back in November 2025, Mikhail Mamuta, then head of the Bank of Russia's Financial Consumer Protection Service, explained the concept to reporters: “The idea is that this artificial intelligence assistant will read the entire contract, including all attachments, analyze it, and identify, say, up to five key features or conditions that a customer needs to understand in order to achieve the promised outcome.”
The same official said just a few days ago at the National Association of Stock Market Participants' (NAUFOR) Russian Stock Market conference that the test results will soon be presented. Testing began last year, with ten major banks participating in the pilot. Together, they account for more than 80% of Russia's retail banking portfolio and provided agreements covering a wide range of financial products for analysis.
Independent Assessment
The AI assistant was deliberately designed to operate independently from financial product providers so that it genuinely serves consumers' interests. Instead of being tied to banks, it will be connected to the regulator or another neutral infrastructure. The approach fits naturally into the Bank of Russia's long-term strategy of strengthening consumer protection.
The digital assistant highlights potential risks and helps consumers make informed decisions before purchasing banking, insurance, or investment products. For them, this reduces the risk of mis-selling, where one product is marketed but another is actually sold, as well as the risk of signing agreements whose obligations they do not fully understand. It also represents another step toward improving financial literacy at a time when public interest in loans, savings products, and investments continues to grow. Looking ahead, the independent AI assistant could be integrated directly into product selection workflows on bank websites and financial marketplaces.
Building a Stronger Consumer Protection Framework
The Bank of Russia began tightening oversight of complex financial products in 2020, when it recommended limiting sales of derivatives, complex bonds, combined deposit products, and similar instruments to non-qualified investors. That became one of the regulator's first systemic efforts to protect retail customers from products whose risks they might not fully understand. In 2021, after the relevant legislation came into force, those recommendations became legally binding. The same reform also introduced mandatory testing for non-qualified investors before they could purchase complex investment products.
In 2025, the Bank of Russia proposed the concept of AI assistants dedicated to protecting consumers' rights. The technology was subsequently developed, and pilot testing began.
From Pilot Project to Consumer Service
The Bank of Russia is evaluating AI as a potentially independent assistant for consumers choosing complex financial products. “To be frank, the results surprised us a little, in a positive way,” Mikhail Mamuta told RBC when testing began.
The July presentation will show how ready the technology is for practical deployment and broader rollout. If the results are positive, the next step could be launching a permanent consumer-facing service.
