Support The Moscow Times!

Gref Predicts Russia's Sberbank Will Computerize 80% of Decisions by 2021

Artificial intelligence could make 80 percent of all decisions for Russian lender Sberbank by 2021, company CEO German Gref said Thursday.

Such a change would see tens of thousands of people lose their jobs, Gref said.

Speaking at an annual event held by Moscow's Higher School of Economics, Gref emphasized that a large number of decisions at the bank were taken "without human intervention."

About 50 percent of the decisions that were made by people five years ago are made today by computers. We believe that in five years or so, 80 percent of all decisions will be made using artificial intelligence,” he said.

The decision making process will be of "significantly better quality," but would cause tens of thousands of people to lose their job,” Gref said.

Sberbank had already announced plans to embrace several new technological advances, including the use of facial and voice recognition for customers in 2017.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.