Sberbank, Russia’s leading financial institution, is set to make decisions on 60% of its corporate loans using artificial intelligence (AI) by the end of 2026. This strategic shift, emphasized by CEO German Gref, reflects the bank’s commitment to AI integration and its broader strategy as Russia navigates a landscape without Western technology driven by sanctions related to the conflict in Ukraine.
With more than 3 million corporate clients, Sberbank is spearheading a paradigm shift in the banking sector by placing artificial intelligence at the forefront of its decision-making processes. According to CEO German Gref, the bank’s lending decisions on consumer credit, mortgages, and car loans are already powered by AI, with a significant 40% of corporate lending decisions being made through this innovative technology.
Sberbank is investing a substantial 450 billion roubles (approximately $5 billion) in IT from 2024 to 2026 to fortify its commitment to AI. The bank anticipates that the profit generated from AI during this period will soar to an impressive 800 billion roubles. This significant investment underscores the pivotal role AI is set to play in Sberbank’s future, aligning with global trends where technological advancements are reshaping traditional industries.
Sberbank’s roadmap: From 60% to 80% AI-powered decisions
CEO German Gref outlined an ambitious timeline, declaring that by the end of the current year, the proportion of corporate loans decided by AI will increase to 60%. Looking ahead, Gref envisions reaching an impressive 80% by the end of 2026. This timeline reflects the bank’s unwavering commitment to AI integration, driven by its belief in the transformative potential of artificial intelligence in shaping the future of banking.
Sberbank’s vision extends beyond conventional banking, as it aspires to be recognized as a financial institution and a technology company with a banking license. The bank is actively producing hardware, such as microchips and servers. Gref highlighted the diminishing reliance on external vendors, emphasizing the bank’s development of its operating system. This strategic move positions Sberbank as a self-sufficient entity capable of controlling its technological destiny.
Russian President Vladimir Putin commended Sberbank for its strides in AI development, particularly its creation of generative AI and language models. President Putin issued a cautionary note, emphasizing the importance of preventing a Western monopoly in the AI sphere. This recognition underscores Russia’s geopolitical significance in artificial intelligence endeavors, aligning with global powerhouses like China and the United States.
Global AI landscape: A race between superpowers
China and the United States remain frontrunners in the global race for AI supremacy. With consensus among researchers and global leaders that AI will revolutionize society akin to the advent of computers in the 20th century, Sberbank’s strategic focus aligns with the broader global trajectory. As AI becomes a cornerstone of technological advancement, nations and institutions are positioning themselves to harness its transformative potential.
The bank’s visionary approach, substantial investments, and technological autonomy positions Sberbank at the forefront of the evolving financial landscape. As the global AI race intensifies, Sberbank’s strategic roadmap underscores artificial intelligence’s pivotal role in shaping the banking industry’s future.
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