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AI causes Sberbank billion-dollar losses
AI causes Sberbank billion-dollar losses

Artificial intelligence employed by Sberbank turned out to be an ingenious worker. Having held an executive post at a comfortable office, it started to make colossal financial operations without a second thought. When it all came out, the smart machine said that everything was just a simple mistake. It didn’t even lose a job afterwards. So, artificial intelligence which has been recently implemented in the Sberbank system caused tremendous losses.

AI errors cost the bank several billion rubles, German Gref, head of the credit organization, said. Within the framework of its duties, AI makes simple decisions, but in very large-scale systems. Therefore, any mistake, even the smallest one, entails massive consequences.

AI specializes mainly in solving quite ordinary, tedious, everyday problems connected with a large number of calculations. On the one hand, AI seems to be a common automated system of calculations, but on the other, it is not quite like this. "The machine" quickly figured out how to get rich at the expense of the employer as soon as the possibility of self–learning and making independent decisions was added to it.

Besides, artificial intelligence was the reason for mass layoffs of not entirely artificial Sberbank employees. German Gref noted that the integration of AI in Sberbank allowed to reduce employees engaged in "simple tasks".

Sberbank has reduced about 70% of middle-level managers, but most of them have been retrained. Now they are involved in other tasks, the head of Sberbank added.

Published: 2019-03-14 14:37:06 UTC
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