Sberbank warned about the risk of Russia lagging behind without the development of AI

Any technology that is currently being implemented in the financial market will not be an innovation without the use of AI. This was stated by Taras Skvortsov, Deputy Chairman of the Board of Sberbank, at the SPIEF session "You can't stop developing: what innovations the Russian financial market needs."

Skvortsov noted that the majority of people's financial transactions are not always effective. "If we take financial transactions per month for each of us, in 99% of cases, many of them were most likely not effective enough. Perhaps we bought more expensive, unnecessary items, or chose a loyalty program that was not the most profitable. You can always find a better option — there is a huge field for innovation in this. If we use generative artificial intelligence as an assistant that will tell us and recommend the best way, our wallet will become bigger. This is just one example of using generative AI to improve our financial efficiency," he explained.

According to Skvortsov, innovation is "something that radically changes the customer's path and allows them to abandon previous experience." He stressed that changes are happening very quickly, and in three years, user interaction with banks and finance will change dramatically for the better.

At the end of the discussion, Skvortsov noted that the state should help with the infrastructure for the development of AI in Russia. If this is not done, the country will be among the laggards, he believes.

The discussion was also attended by Igor Zarubinsky, Vice President for Infrastructure Development at MTS, Ilya Ivaninsky, Director of the Center for Business Education and Analytics at Central University, Zulfiya Kakhrumanova, Deputy Chairman of the Central Bank of the Russian Federation, and others. They discussed innovations in the Russian financial market and how to find a balance between progress and risks.