Gref: Sberbank loses billions of rubles

Gref: Sberbank loses billions of rubles

Sberbank CEO Herman Gref said that the bank lost billions of rubles as a result of artificial intelligence errors.

"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," TASS cited Gref as saying.

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," the bank's head explained.

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