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In Russia the Government Controls the Banks, the Exact Opposite of the US and Europe

This post first appeared on Russia Insider

Watch the head of Russia's largest bank by far, owned by the government, report to Putin like a schoolboy taking a pop quiz. The body language of the two tell you everything you need to know about who is in charge.

In Russia, the government controls the financial system and has dominant (but not complete) influence on the media.

In the US and Europe, financial interests control most of the media (except some of the alternative media), and have near total control over the government.


In order to embed artificial intelligence, Sberbank involved natural intelligence. It created an AI academy for high school students that hosts lectures from the bank's software developers across the country. All the winners of this year's annual Academic Olympics are students from various regions. Talented data scientists gain benefits when applying for the best Russian universities.

Herman Gref, Chairman and CEO of Sberbank: “We find enormous potential in using AI practically everywhere: improving labor efficiency, improving transparency, speed of services, including state services. That's why we invest quite a lot into it today and we hope that in the next years our clients and citizens of Russia will feel the results of our work in everyday life.”

Vladimir Putin: “You've done a lot for the bank, for the financial system, you only need to adapt this progress of yours for bigger tasks, which are seen in individual spheres, public administration. We've discussed it many times with you, it needs to be done as soon as possible.”

Tatiana Remezova joins us.

- Tatiana, can this AI be seen and felt today? And where is it better than natural intelligence?

- Ernest, there're many areas where super memory and ability to process and analyze big data are needed. For example, medicine. AI is capable of giving a more accurate diagnosis, see a problem quicker than a human's eye, discover if one is prone to a disease, or detect genetic fluctuations before onset symptoms just by a photograph.

Another example is traffic. In Russia, AI is already used in large cities and on federal highways. It analyzes traffic density, forecasts possible jams, and controls traffic lights. As of everyday life, our near future is a smart house. It will unfold the curtains and make coffee in the morning. The fridge will order groceries on the Internet and the wardrobe will steam that suit of yours, for example.

- To be frank, it scares a bit, but I guess I'll have to accept it. Thanks, Tatiana.

That was our reviewer Tatiana Remezova, let's continue with the program.

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