Sberbank says robots to be used for increasing productivity

Maria Nikolova

Head of Sberbank’s Robotics Laboratory Albert Efimov has clarified the bank’s approach to using robots.

Replacement of human staff by robots is inevitable but this is not what robots are made for, according to Albert Efimov, Head of the Robotics Laboratory at Sberbank Rossii PAO (MCX:SBER). Mr Efimov was quoted by RIA Novosti as saying that the lab is building the robots to increase productivity at the bank.

For instance, thanks to robots, the work of three employees who sort banknotes may be enhanced so that their productivity can be boosted by more than three times, he explains. Also, robots may help during times of increased workload such as holidays when clients of the bank need more cash or simply make more payments online and the processing powers have to be bolstered.

Let’s recall that in May last year Sberbank 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. Sberbank said the solution would be gradually rolled out across the bank’s regional offices in 2017.

Mr Efimov’s comments were made several days after Sberbank became a member of the Russian Association of Robotics (RAR), an industrial union that claims to connect 90% of players of the industrial robotics market, including Russian and foreign producers and integrators, as well as producers of service robot technology, research and educational institutions, developers of subsystems and software for robots. Sberbank’s membership in the association is aimed at facilitating contacts between Sberbank and the international robotics community and at giving the bank a chance to participate in the development of the Russian state robotics policy. It is also set to help Sberbank promote its own tech solutions.

Sberbank is also known for its AI passion. In October last year, Herman Gref – CEO and Chairman of the Executive Board of Sberbank, was quoted by information agency Interfax as saying that AI accounts for 35% of the decisions related to credits for legal entities. This proportion is set to rise to 70%, Mr Gref has forecast. He mentioned five key areas of the bank’s operations for the implementation of AI. The first and major area is robo-advising, Mr Gref said. The others are big data analysis, cybersecurity, client profile analysis, and automatization of bank operations.

Read this next

Industry News

The B2Broker B2Core REST API Is Now Live

B2Broker has announced the release of its new REST API, which lets customers use B2Broker’s solutions and services for business purposes.

Executive Moves

CME Group taps Paul Woolman to lead Equity Index, Giovanni Vicioso to lead Crypto

“Our equity and cryptocurrency businesses have experienced tremendous growth in recent years, underpinned by strong customer adoption and continued innovation.”


Sumsub launches document-free KYC for users in India, Brazil, Nigeria and Indonesia

Sumsub has launched one click-KYC for users in India, Brazil, Nigeria and Indonesia in a move that allows businesses to instantly onboard over 2 billion users without requesting their ID documents.

Digital Assets

Cboe becomes first major global exchange operator on DeFi data platform, Pyth Network

“Our participation in the Pyth network will provide another avenue to broaden customer access to our data, and aligns with our strategy to deliver market data to investors around the globe based on how they want to consume their data, whether through direct connectivity methods, the cloud or the blockchain.”

Industry News

FINRA fines Barclays Capital $2 million for best execution failures for 5 years

FINRA has fined Barclays Capital $2 million for failing to comply with its best execution obligations in connection with its customers’ electronic equity orders between January 2014 and February 2019. 

Digital Assets

SETL helps SWIFT, CSDs and custodians develop common framework for tokenisation systems

London-based enterprise DLT and blockchain company SETL has delivered a pilot project for SWIFT which implemented a common framework linking tokenisation systems between central security depositories (CSDs) and global custodians.

Digital Assets

Crypto volumes hit CHF 87.1 million at Switzerland exchange

Switzerland’s principal exchange has experienced a rebound in trading activities for September 2022, with monthly volumes increasing by more than 20 percent MoM.

Digital Assets

Bitcoin Suisse Vault taps Polkadot governance features

Bitcoin Suisse has added support for Polkadot protocol governance on its proprietary, hyper-secure cold storage solution, the Bitcoin Suisse Vault.

Retail FX

Finalto sweetens offering for African traders with localized FX pairs

Finalto, the financial trading division of Gopher Investments, announced today that it has extended its offering with inclusion of a number of African Pairs to its trading platforms.