According to Sberbank of Russia CEO Herman Gref, the bank gains more than USD 2 billion of profit from using artificial intelligence.

“We get no less than USD 2bn of net profit just by using the AI-based models that we installed timely. The bank has total USD 13bn of annual revenue and cost saving from 10 projects with AI, realized in the Centre for Technological Innovation at Sberbank,” TASS quotes Mr Gref.

Sberbank intends to implement 159 projects with AI technology until the end of the next year.

The bank CEO noted that introduction of artificial intelligence drastically changes the company’s internal business landscape – its business model, client convenience, expenses, revenue. “If a company doesn’t use AI, it loses,” stressed Herman Gref.

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