Sberbank loses billions due to AI

Sberbank lost billions of rubles due to the fault of Artificial Intelligence (AI), President German Gref admitted. Sberbank has been extensively implementing AI in its operation.

Even a small error of the neural network may lead to serious consequences, Gref said at the Digital Lesson at a private Moscow school. The event was broadcast on Sberbank TV, the bank’s corporate channel. Sberbank President said the company lost billions of rubles in revenue. As of the end of last year, the company’s revenue stood at RUR 800 bln ($12 bln), according to the Russian Accounting System. The bank’s chief stressed that after an error is discovered, AI is improved to prevent such errors in the future.

“We learn by implementing all kinds of filters in order to calibrate, verify and validate the AI system,” Gref said.

German Gref, who previously held the post of minister of economic development and trade, has been implementing AI since the beginning of 2018. The bank developed and launched its pilot neural network for analyzing real estate costs and plans to launch a neural network for risk assessment.

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