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

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<