In recent years, Sberbank has become a recognized leader in high technology. The company’s strategy is focused on further developing AI-powered solutions and moving all financial transactions online. Less than 20 years ago, it would have been difficult to imagine how things would change.
All services were only available through physical visits, and waiting times could stretch for hours. Sberbank’s transformation is largely attributable to the efforts of its CEO, Herman Gref. Under his guidance, the bank has achieved remarkable progress in just a short period of time, becoming the most advanced financial institution in the country.
Artificial Intelligence at Sberbank
Herman Gref has been leading Sberbank since 2007. By this time, he had already achieved significant success in public service, having served as the Minister of Economic Development and Trade for several years. As Gref later noted, the position was highly demanding, and stepping down was the best decision of his life. As CEO, he demonstrated his management talents, transforming Sberbank into a technological giant.
In 2017, Sberbank made artificial intelligence a priority. Since then, the company has been actively pursuing AI technologies in order to improve the flexibility, quality, and speed of its services. Within three years, the bank had integrated AI into most routine processes. Even loan approvals were moved online, where the scoring system assessed a borrower’s creditworthiness within minutes and issued a decision.
In 2023, the financial impact of AI technology at Sberbank exceeded $4.8 billion. The company’s total financial results for this period reached nearly $20.5 billion, setting an all-time record for the institution.
In a recent interview, Gref expressed his belief in the potential of artificial intelligence for the national economy. He stated that, according to Sberbank’s estimates, the impact of AI could contribute between 4% and 6% to the country’s gross domestic product (GDP) by 2030. AI solutions are particularly relevant for the industrial sector. Neural networks are already being used to automate production processes, ensuring quality control and safety. This reduces production costs and allows staff to be reallocated to more complex tasks that require human intervention.
Sberbank’s Development Strategy
Under the leadership of Herman Gref, Sberbank has implemented a new development strategy that will last until 2026. The primary focus of the company’s efforts is on the development of a new generation of artificial intelligence that will enable the creation of a human-centered system for providing both financial and non-financial services.
The bank plans to shift away from a standardized approach in the near future and adopt a more personalized approach in order to better meet the needs of each client. All operations are expected to be conducted online, with manual intervention required only for the most complex matters.
Background Information
Herman Gref’s biography is far from ordinary. He was born in 1964 in the village of Panfilovo, in Northern Kazakhstan. The Gref family was of German ethnicity and were exiled to the Tselinny region during World War II. Gref graduated from a regular rural school and continued his studies at Omsk University, earning his degree in 1990. His career began in St. Petersburg, where he moved to attend graduate school at Leningrad State University.
Starting as a legal advisor in a district administration, Gref then moved to the St. Petersburg City Hall, holding senior positions in the property management department. In 1998, he transitioned to the government as Deputy Minister of State Property, and for two years, he served as Deputy Minister of State Property Management. From 2003 to 2007, he headed the Ministry of Economic Development and Trade, before becoming the CEO of Sberbank.
In his personal life, Gref spends time with his family. Since 2013, his wife Yana has been running a private project, Khoroshkola, which includes a gymnasium and a kindergarten. This modern educational complex occupies several buildings in the Khoroshevo-Mnevniki district of Moscow.
