AI grows big in Russia: Sberbank starts leasing robots, law on robotics in the works

Maria Nikolova

As Sberbank starts leasing Promobot, robots that may replace human staff in various positions become more affordable.

The advances of artificial intelligence (AI) solutions in various areas of the financial services industry are now undisputed. Russia has provided us with another piece of proof of the growing role of robotics, as robots have just become available to a wider range of businesses thanks to Sberbank Rossii PAO (MCX:SBER).

Sberbank Leasing, a part of the Sberbank group of companies, has just announced that it launches a leasing program for Promobot (v2 and v3) – an autonomous robot that may replace human staff in various roles, including customer support, administration and consultation. The move is set to lead to increased adoption of the solution. Until now the price of Promobot started at RUB 1.2 million. The leasing makes the solution more affordable. Furthermore, it claims to reduce expenses associated with human staff.

Although this is apparently a good piece of news for businesses seeking to accelerate client service and cut expenses, human employees are facing challenging times, as robots increasingly replace human beings in a number of positions. Earlier this year, Sberbank announced the launch of a robot lawyer capable of writing claims for the retail clients of the bank. The program is set to take over the jobs of 3,000 employees at the bank’s legal department.

The risk of human beings losing their jobs to robots has already sparked regulatory concerns. In February this year, MEPs voted a resolution that urges the European Commission to draft rules for the field of robotics to be applied across the European Union. Job losses form a key part of the concerns of the European Parliament with regards to robotics.

Russia is looking forward to a law on robotics too. Early this year, Vyacheslav Volodin, Chairman of the Russian State Duma, voiced his support for drafting such a law. He then said that rules governing the human-robot relations were set to be implemented in 2022.

Meanwhile, private law firms have also advocated the adoption of such a law. HEADS Consulting, for instance, has thrown its weight behind a project for a robotics law. One of the crucial moments in the document will be the necessity for changing the job profile of certain human employees with regards to the increased use of robots by businesses.

(Image Credit: PROMOBOT.)

Read this next

Digital Assets

Alameda sues Voyager Digital to recover $445 million

FTX’s failed trading arm, Alameda Research, asked a court to claw back $445 million from Voyager Digital, which it said SBF’s empire paid to the crypto lender before collapsing into bankruptcy.

Metaverse Gaming NFT

Toyota taps Astar Network to explore Web3 in grand style

Although the crypto ecosystem has faced its fair share of bumps, Japanese automaker Toyota is seemingly bullish about the space and continue to look at Web3 as a promising opportunity.

Digital Assets

Bitcoin dominates inflows into crypto funds, AuM hits $28B

As the price of bitcoin continues to consolidate around recent highs, investors expand their positions in funds designed to profit from further appreciation in the cryptocurrency.

Institutional FX

Fiserv secures major payment institution licence in Singapore

Brookfield-based financial services technology provider Fiserv Inc has obtained nod for a Major Payment Institution license in Singapore.

Institutional FX

Finalto expands NDFs line-up with Taiwanese dollar

Finalto announced today that it has expanded its non-deliverable forwards (NDFs) offering with the addition of Taiwan’s dollar to its trading platform.

Opinion

It’s time for FX to Harness Crypto’s Potential

Jonathan Cumberlidge, FX Sales Director for BVNK, makes the case for cryptocurrencies in improving the efficiency and flexibility of foreign exchange trading.

Digital Assets

Owner of OptionMint, OptionKing, and OptionQueen gets 30 months in prison

A US federal judge has sentenced Ohio resident Jared Davis, who was found guilty for his participation in a multi-million fraud scheme carried out by Israeli-run binary options websites.

Executive Moves

iS Prime co-founders Raj Sitlani and Jonathan Brewer leave, but “business as usual”

“For our clients and teams at iS Prime, iS Risk and iS Prime Hong Kong, it is business as usual. We will be increasing our investment in our technology and staff, putting our clients first as we drive the business forwards to maintain our market leadership position.”

Digital Assets

Germany-focused DekaBank taps METACO for digital asset custody offering

“Digital assets are a critical part of the future, a radical new way for how assets will be represented, from currencies to real estate.”

<