Sberbank, Russia’s leading financial institution, is embarking on a transformative journey towards making decisions on a substantial 60% of its corporate loans using artificial intelligence (ai) by the end of 2026. This strategic initiative, emphasized by CEO German Gref, underscores Sberbank’s unwavering commitment to ai integration and its broader vision as Russia navigates a technological landscape without Western technology due to sanctions related to the conflict in Ukraine.
With over 3 million corporate clients, Sberbank is spearheading a paradigm shift in the banking sector by placing artificial intelligence at the heart of its decision-making processes. Currently, the bank’s lending decisions on consumer credit, mortgages, and car loans are already being powered by ai, with a significant 40% of corporate lending decisions being made through this innovative technology. The bank plans to invest 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 surge to a remarkable 800 billion roubles.
Sberbank’s Roadmap: From 60% to 80% ai-Powered Decisions
CEO German Gref revealed an ambitious timeline, stating that by the end of this 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 signifies Sberbank’s unyielding commitment to ai integration, driven by its belief in the keyboards-changing potential of artificial intelligence in shaping the future of banking.
Sberbank’s vision transcends conventional banking. The institution aspires to be recognized as a financial institution and a technology company with a banking license. Sberbank is actively producing hardware, such as microchips and servers. Gref underscored the diminishing reliance on external vendors and highlighted 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 continue to dominate the global race for ai supremacy. With a consensus among researchers and global leaders that ai will revolutionize society similar to the impact of computers in the 20th century, Sberbank’s strategic focus aligns with the broader global trajectory. As ai emerges as a cornerstone of technological advancement, nations and institutions are positioning themselves to harness its transformative potential.
Sberbank’s visionary approach, substantial investments, and technological autonomy position it 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.
