AI Could Add Nearly $21 Billion to Russian Banks’ Profits
Analysts predict that generative AI, if fully integrated across the sector, could boost banking profits by up to 1.9 trillion rubles ($20.9 billion) within five years.
Russia’s banking sector could see profits soar by as much as 1.9 trillion rubles ($20.9 billion) over the next two to five years through the adoption of generative artificial intelligence, according to analysts at Rexoft, Vedomosti reported.
The potential windfall depends heavily on the scope of integration. If AI is applied only to select operations and functions, the impact is expected to reach 385 billion rubles ($4.2 billion). But the biggest gains would come from a full-scale digital transformation of the industry.
Consultants at Yakov & Partners offer a more conservative forecast, estimating that the overall financial effect of generative AI in Russian banking will reach 300 billion rubles ($3.3 billion) by 2030. Currently, six out of eleven major Russian banks are already experimenting with generative AI in their operations.
Recently, Russia also introduced a model called “Socially Responsible Banking,” designed to improve financial literacy across the market. Banks are increasingly using AI to strengthen cybersecurity, optimize analytics, and enhance customer service. Experts expect its role to expand into other areas of the sector in the coming years.
