One hand that replaces twelve – Sberbank starts using robot hands to count money

Maria Nikolova

One of Russia’s biggest banks continues to replace human employees with robots, this time – using robot hands for counting money.

Artificial Intelligence (AI) solutions continue their journey into the human labour market, with the financial services sector strongly affected by this invasion. One of the best examples in terms of implementing robots that overtake the jobs of human staff has been Sberbank Rossii PAO (MCX:SBER). Early this year, the bank said it would replace 3,000 employees at its legal department with their jobs to be taken by a robot lawyer. The recently held Sberbank Annual Shareholder Meeting has brought another example of how the bank implements AI solutions to make its operations more efficient.

The bank showed a “Kuka Hand” – a robotic hand used to sort and count money. One such robot, according to Stanislav Kuznetsov, Deputy Chairman of the Executive Board of Sberbank, may replace six human beings. The solution will be gradually rolled out across Sberbank’s regional offices in 2017.

A number of Russian banks have tried to make the process of checking client accounts for AML compliance fully automated. However, this led to a flood of complaints in the end of February this year, as automated systems were massively blocking accounts.

Russian banks are not inclined to abandon the use of automated programs for compliance checks. The reason – if they do so, the expenses for staff and consultancy fees will rise significantly.

In Japan, the AI is also keeping up with its invasion in the financial services sector. According to a report by Japan’s Nikkei, Mizuho Bank and SoftBank plan to use AI for a new consumer loan service set to be introduced in September this year.

The AI solution will assess the right applicants for a loan. The program can process an application in 30 minutes, considering various indicators, such as a borrower’s bank and mobile phone bill records. The AI software will also take into account how frequently borrowers use ATMs, the borrowers’ hobbies and what the money will be spent on.

Read this next

Metaverse Gaming NFT

DCentral Miami brings together all of Web3, NFT, DeFi, Metaverse

The world’s biggest Web3 meeting entitled DCENTRAL Miami is set to take place November 28-29, featuring a lineup of some of the biggest and most influential names in the blockchain space.

Digital Assets

Crypto ban expands across UK banks as Starling joins ‎crackdown

UK digital bank Starling has banned ‎all customer payments related to cryptocurrencies, another blow for the crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎


Markets Direct at FIA EXPO 2022: Traders know what they want from brokers

The FIA Expo 2022, one of the most prestigious events within the global derivatives trading industry, took place in Chicago on 14 & 15 November.


FIA Expo 2022: TNS addresses public cloud limitations with hybrid infrastructure

November is the month of the FIA Expo, one of the largest futures and options conferences in the world, bringing together regulators, exchanges, software vendors, and brokers in one place: the Sheraton Grand Chicago Riverwalk. 

Retail FX

Italy’s regulator blacks out Finance CapitalFX, MFCapitalFX

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

Suspected leader of Honk Kong ramp-and-dump scam appears in court

A leader of a sophisticated ramp-and-dump scheme made his first court appearance in a Hong Kong court today, charged with market manipulation and various criminal offences. The case stems from an earlier joint operation of Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), and the local police. 

Institutional FX

Cboe’s James Arrante discusses growing demand for fixed income, FX algo

We caught up with James Arrante, senior director of FX & US treasuries product and business management at Cboe Global Markets, to uncover emerging trends in the FX and fixed income markets and learn more about the bourse operator’s recent initiatives.

Retail FX

Eurotrader acquires UK broker Petra Asset Management

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

Inside View, Retail FX

The Game of Chess Continues – OPEC, China and the Oil Market

Over the past decade, the US has been complaining about the amount of power which the BRIC group, and specifically China, has on the global economy. BRIC stands for Brazil, Russia, India and China; these were the world’s fastest growing economies. Only in the past 10 months, the US has turned their attention toward OPEC due to the prices of fuel. Nevertheless, China seems to have a strong influence even over the price of crude oil.