AI errors cost Sberbank billions of rubles

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Sberbank CEO Herman Gref

Sberbank CEO Herman Gref


© Stanislav Krasilnikov/TASS

MOSCOW, February 26. /TASS/. Sberbank lost billions of rubles as a result of artificial intelligence errors, Head of the bank Herman Gref said on Tuesday.

“Artificial intelligence, in general, makes decisions in large systems. A small mistake that has crept into the algorithm can lead to very large consequences. In our practice, we have lost a lot of money on this. Because the machine made a small error on large volumes, we lost billions of rubles,” Gref said.

According to him, every mistake was later detected and helped to improve AI. “When the error was detected, we learned from it, inserted all sorts of filters in order to calibrate, verify the artificial intelligence system,” he said.

Gref said earlier that the introduction of artificial intelligence in the workflow of companies will not lead to dramatic consequences and will not leave people without jobs. “I don’t have any dramatic predictions now, as some say that artificial intelligence will come tomorrow and replace all of us,” Gref said. According to him, some professions can really be “given off” to artificial intelligence, in particular, the that of drivers.

He added that “the sad predictions that artificial intelligence will come and leave us without work” do not work with Sberbank as an example.

Earlier, Gref said that the introduction of artificial intelligence in Sberbank most of all affects the number of middle-level employees, and approximately 70% of these types of manager positions were reduced.

In his opinion, the contribution of artificial intelligence to the global GDP in the next 12 years will increase 16-fold and reach $16 trillion. According to Gref, the number of specialists in demand in this area will also significantly increase, in 10 years their need will reach 10 million people.

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