By the conclusion of this year, Sberbank, Russia’s leading financial institution, intends to rely on artificial intelligence (AI) for decision-making in 60% of its corporate loan approvals.
Sberbank at Web Summit (image from 2016). Photo credit: Web Summit via Flickr, CC BY 2.0
This future direction was revealed by CEO German Gref. Such strategic shift towards AI marks the organization’s general emphasis on digital transformation and the integration of AI into the bank’s operations.
Sberbank is making substantial investments, exceeding 450 billion roubles ($5 billion), in its IT infrastructure from 2024 to 2026. During this period, the bank anticipates generating approximately 800 billion roubles in profit from AI-related initiatives.
This move comes as Russia adapts to a landscape without Western technology due to sanctions related to the conflict in Ukraine.
AI is already steering lending decisions at Sberbank, covering consumer credit, mortgages, and car loans, with 40% of corporate lending decisions also influenced by AI, according to CEO German Gref. He aims to elevate this figure to 60% by the end of 2026 and ultimately reach 80%.
Sberbank, with over 3 million corporate clients, is diversifying into hardware, including microchips and servers, and reducing reliance on external vendors. The bank has even developed its own operating system, replacing computer equipment gradually.
Written by Vytautas Valinskas