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Sberbank of Russia Emphasizes Responsible Use of AI in Financial Sector

Strategic Insights

— 1 min read

The financial industry is experiencing a period of rapid transformation, driven in part by the increasing influence of artificial intelligence (AI) on decision-making and customer service. At the Eastern Economic Forum (EEF), Sberbank's First Deputy Chairman of the Executive Board, Alexander Vedyakhin, highlighted the importance of responsible AI use in the financial sector. The Bank of Russia has taken steps to develop an ethics code for AI in the financial market, with input from the AI Alliance, a group of organizations that have joined the code. The code emphasizes customer service, transparency, and the right to opt out of automated systems.

Key Takeaways:

  • The financial industry is undergoing rapid transformation due to AI, with significant changes in decision-making and customer service.
  • The AI Alliance, comprising over 1,000 organizations from 40 countries, has developed an ethics code for AI, with principles for responsible use and engagement.
  • The Ethics Code in the field of artificial intelligence was prepared and adopted by the AI Alliance in 2021, with Sberbank as a founding signatory.
  • The code prioritizes customer service, ensuring high-quality interactions and transparency, as well as granting customers the right to opt out of automated systems.
  • The commission tasked with implementing the code presented a White Paper on Artificial Intelligence Ethics in December 2024.
  • Generative AI, responsible export of technologies, and general-purpose robots require declarations and guidelines for responsible use.
  • An industry-specific AI ethics code for medicine has been issued to further advance the code's principles.

Statistics:

  • Over 1,000 organizations from more than 40 countries have joined the AI Alliance's Ethics Code.
  • The code has been in effect since 2021, with Sberbank as a founding signatory.
  • In December 2024, the commission tasked with implementing the code published the White Paper on Artificial Intelligence Ethics.
  • More than 40 organizations have joined the AI Alliance from countries worldwide.

Sources:

  • EEF (Eastern Economic Forum) news release
  • AI Alliance document, "Ethics Code in the field of artificial intelligence"
  • White Paper on Artificial Intelligence Ethics, December 2024

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