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Sberbank CEO German Gref announced on Tuesday that the bank is set to employ artificial intelligence (AI) in decision-making for 60% of its corporate loans by the end of this year. Gref has emphasized the integration of AI and digital transformation as pivotal components of Sberbank's strategy, particularly in light of Russia's adaptation to sanctions and decreased access to Western technology due to the conflict in Ukraine.
According to Gref, Sberbank is allocating over 450 billion roubles ($5 billion) towards IT investments between 2024 and 2026, anticipating AI-generated profits during this period to reach approximately 800 billion roubles. Presently, AI drives lending decisions for consumer credit, mortgages, and car loans, accounting for 40% of corporate lending decisions.
Gref outlined ambitious goals, aiming for AI to dominate 60% of corporate lending decisions by the year's end and projecting an increase to 80% by the end of 2026. Sberbank, with over 3 million corporate clients, aims to position itself as a technology company with banking capabilities, and is diversifying its focus into hardware development, including microchips and servers. Gref highlighted a reduced reliance on external vendors, indicating the bank's progress in developing its own operating system and gradually replacing existing computer equipment.
President Vladimir Putin commended Sberbank for its advancements in AI, particularly its development of generative AI and language models. Putin cautioned against allowing the West to monopolize the AI sphere, recognizing China and the United States as leaders in AI development. AI's transformative potential, likened to the introduction of computers in the 20th century, is widely acknowledged by researchers and global leaders, signaling the significance of Sberbank's AI integration and Russia's broader technological advancements in the global landscape.
By fLEXI tEAM
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