• June 25, 2022

Russian Bank creates AI to do data scientists’ job

Russia’s Sberbank claims to have created an algorithm – Auto ML (machine learning) – that “acts like a data scientist”, creating its own models that can solve application tasks.

The bank carried out its first pilot in January, using Auto ML algos to create several baseline models to help with the targeting of sales campaigns.

In worrying news for Sberbank’s human staff, Auto ML’s models matched those produced by data scientists in terms of quality and managed to solve the task in 55 minutes, compared to the two days it took its mortal competition.

Anatoly Popov, executive board deputy chairman, Sberbank, says: “Introducing AI is one of the possibilities to increase the efficiency of all business processes at the bank.”

However, the creation of tens and thousands of models to cover all aspects of activity is an almost impossible task if data scientists and developers attempt to create and introduce models manually.

“That’s why we are introducing Auto ML, one of the most advanced approaches in the world to working with machine learning models.”

Edited. Source: Finextra


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