All banking processes could be transferred to AI going forward - Sberbank CEO

MOSCOW. Feb 11 (Interfax) - All banking processes could be automated going forward, Sberbank CEO Herman Gref said.

"Frankly speaking, as you said, if looking ahead five years in banking, then I do not see any functionality that cannot be. We are eliminating the word 'automated' from ourselves ... Autonomized," Gref said at the Public Administration Congress.

Gref said that Sberbank's interaction with individuals has been fully automated, with AI reaching 99.9% of all decisions, and this averages 75% regarding companies, with the exception of two products.

The bank has cut costs and risks by autotomizing processes, Gref said.

"The cost of risk, namely losses, is 60% lower than with manual processes involving people. This represents a large amount of money in our case. We have stopped losing large amounts of money and have minimized costs," Gref said.

The average time to reach a decision for a legal entity is now 5-7 minutes, he said.

"We are moving toward eliminating people from all processes," Gref said.