Russian bank picks employees thanks to robot recruiter

Maria Nikolova

Vera checks CVs and calls candidates that fit the criteria for a given position at the bank.

The Ural Bank for Reconstruction and Development has made another step in the adoption of artificial intelligence (AI) solutions. The bank has entrusted the selection of its future employees to a robot recruiter named Vera.

Vera (a typical Russian name, which means “Faith”) checks the CVs of the applicants and then calls the candidates that fit the criteria for a given position. The first weeks of testing of the new system have shown that it may handle up to 90 calls a day, about two times more than a typical, human employee in the same role does.

The tests of the new solution continue and in several months the bank will decide whether Vera will get a permanent contract.

The rationale behind Vera’s deployment is that it helps optimize the work process – the heavy monotone tasks are devoted to robots, whereas human employees are allowed to devote their time to tasks that require non-standard solutions and creative thinking.

Russian banks have been active in embracing robotics. One of the most notable examples is Sberbank. In January this year, the bank said it plans to make 3,000 of its employees redundant, as it seeks to replace them with a robot lawyer. There is more gloomy news for the human staff at the bank, as Herman Gref – CEO and Chairman of the Executive Board of Sberbank, has unveiled further plans for workforce reduction. The number of employees in back office roles at the bank will be reduced 12 times by 2021.

The adoption of AI systems by banks is not necessarily related to workforce size reduction. In fact, many see such moves as an opportunity to elevate the quality of human work. In August, digital Nordic bank Nordnet announced the hiring of its first digital employee – Amelia, who will work side by side with her human colleagues in the customer relations department. Commenting on the addition of Amelia to the bank’s team, Nordnet’s CEO Peter Dahlgren pointed out that it is AI that is capable of meeting the individual needs of each customer and this has been the primary reason for investing in the adoption of Amelia. Furthermore, he noted, Amelia’s colleagues will be able to dedicate more time to activities that have more value. As a result, “humans can focus on what humans do”, he said.

Read this next

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

Digital Assets

Big Time Generates over $100M in Revenue since Preseason

Innovative game developer Big Time Studios announces that its highly anticipated free-to-play multiplayer action/MMO RPG Big Time, has generated $100M in revenue. According to the team, players transacted a total volume of over $230M, without selling a single token.

Digital Assets

Centralized exchanges are 10 times more popular than DEXs in Western Europe

Western European traders are found to prefer centralized exchanges over decentralized ones as CEX traffic outpaces DEXs by a factor of ten.

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

“The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Reviews

IUX Broker Review

IUX, recently rebranded from IUX Markets, stands as a multi-asset Forex broker recognized for its regulatory compliance across various jurisdictions.

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

<