Russia’s second biggest lender, VTB, has introduced unique super-smart robots, which will earn it an additional $8 mio by yearend, VTB Digital Transformation Director Natalia Romenskaya said at the FinTech Power forum at the Technopolis Moscow convention center on Wednesday, September 25.
According to Natalia Romenskaya, the robots operating at the bank’s offices can not only attract more clients, but also make money.
“Until the end of the year, thanks to robots, we are planning to earn RUR 525 mio ($8.2 mio) net due to a significant reduction in costs,” the expert explained.
The bank uses robots to participate in trading sessions and to recalculate rates, she said.
“I can cite an example – one of our robots once gained RUR 125 mio ($1.9 mio) of net income at trading overnight,” Romenskaya said without disclosing how exactly this result was achieved.
Earlier, Sberbank announced it had replaced 70% of its mid-level employees with robots. According to Chairman Herman Gref, the employees replaced had been performing very simple work; now they have been reoriented to more complex processes.