Chief Risk Officer of Sberbank Group, Alexander Vedyakhin, announced that Russian banks are going to implement artificial intelligence systems in the next 3 years. AI technology will be involved in billion-dollar deals.
Simple algorithms are now successfully used for SME lending. After complete introducing of artificial intelligence systems, the credibility will enhance.
At the same time, software failure will cause huge financial losses to banks. However, Alexander Vedyakhin is confident that Russian companies are safe from collapse due to such problems. However, the Central Bank of the Russian Federation should impose regulations for the use of AI in banking in the near future.
Global introduction of artificial intelligence will lead to a reduction in numbers of employees in Russian banks, board member of Sberbank added. In his opinion, this is just a logical scenario following the development of technology.