Artificial intelligence (AI) will bring Sberbank about 6% of the planned net profit this year. This was reported by Reuters with reference to Alexander Vedyakhin, the first deputy chairman of the bank's board and head of the Artificial Intelligence Laboratory.
According to Vedyakhin, about 30 billion rubles (equivalent to $395 million) were invested in AI in 2020. The benefits of artificial intelligence are expected to exceed 350 billion rubles ($4.6 billion) in the next three years. In 2020, AI technologies should bring an additional $788 million to Sberbank's profit. The company plans to apply the technology to nearly all processes in its expanding ecosystem of products. At the same time, the banking business will remain the main driver of profit for the company for now.