Banking technologies

Oleg Ganeev, Deputy Chairman of the Executive Board of Sberbank: “AI has become the core that maintains and enhances process performance”

December 7, 2020

Born in Ufa city (Bashkortostan, Russia), Oleg Ganeev has built his career in the banking industry (Uralsib, Rus-Bank, Sberbank). In November 2014, at 42, he was appointed as Deputy Chairman of the Executive Board of Sberbank. He is in charge, in particular, of the sales network, distressed assets department, Islamic banking and related partnerships. In this exchange with East-West Digital News, Mr. Ganeev presents a …

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Sberbank hit by huge data breach

October 3, 2019

The personal details of millions of Sberbank customers may have been leaked, in what would be the largest-ever data breach in Russian banking, according to cyber security experts. Analysts at cybersecurity firm DeviceLock found personal information relating to up to 60 million Sberbank credit card holders for sale on the black market. They were able …

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UK digital bank Revolut at risk of losing EU licences amid questions over alleged Kremlin links

April 24, 2019

British digital bank Revolut is at risk of losing its European banking licences amid fresh questions over its alleged links to the Kremlin.  The company, one of Europe’s fastest growing fintechs, was granted its European licences through the Bank of Lithuania in December.  The move was designed to help the nation challenge the UK as Europe’s financial technology …

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Sberbank, Gazprombank and Digital Horizon aim to create “global leader” in biometrics

August 6, 2019

Sberbank, the state-controlled financial giant, intends to acquire a 51% stake in Speech Technology Center (STC) from Gazprombank, a financial arm of the Russian gas company.  Digital Horizon, a VC and business incubation firm with offices in Moscow and Tel Aviv, has also agreed to acquire a minority stake in STC.  After deal completion in …

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Russian online banks are all vulnerable to attacks, says report

April 9, 2019

Russian web-based banking apps are all vulnerable to attacks from the outside, making it possible to access clients’ personal details and secret banking information. More than half (54%) of these applications expose  client’s money to be stolen.  The report characterizes the protection of 61% of such web applications as “low” or “very low.”  This are some of the …

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Supercomputer helps Russian digital lender solve AI tasks “hundreds of times faster”

April 3, 2019

Tech-friendly Russian digital lending giant Tinkoff Bank has developed one of Russia’s most powerful super computers.  Named after the eminent Russian mathematician Andrey Kolmogorov, the machine has been ranked 8th in the Top 50 supercomputers in Russia – at the highest place among participating businesses. It boasts the highest per-node performance in Russia (41.9 TFlop per second), according to the ranking. As explained by …

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Major Russian bank patents multi-issuer blockchain system

January 25, 2019

VTB, a major Russian bank, announced yesterday that it has obtained “a patent for a multi-issuer payment system based on blockchain technology.” The bank claims it is “the first case of a bank patenting its intellectual property” in this field. VTB aims to use this technology to “develop digital products, services and payment instruments to …

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In Russian supermarkets, consumers can settle purchases with their fingerprint

January 16, 2019

In what could be a world’s first, Azbuka Vkusa, a major grocery chain with more than 170 outlets across Russia, and its partner Sberbank, the state-owned banking giant, have launched what they call a “perfect fingerprint payment service.” The service is not entirely new: so far, the chain’s customers could use fingerprints to pay from …

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Ozon launches user-to-supplier loan platform

July 13, 2019

Ozon.ru, a leading Russian online retailer, is testing a service that will allow customers to grant loans to small and medium businesses among Ozon’s 2,000+ suppliers. The new service, dubbed ‘Ozon.Invest,’ was presented on December 21. It will start operating “in the beginning of 2019,” according to its website. As reported by the business daily …

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How Sberbank has transformed itself from ‘babushka bank’ to digital banking giant

December 21, 2018

In this op-ed Anna Kuzmina, a figure of the Russian payment industry, highlights the importance of Sberbank in Russians’ everyday life, and the implications of this bank’s digital transformation. Mrs Kuzmina is Deputy Chief Commercial Officer at Yandex.Money, a joint venture of Sberbank and Yandex.  In just a few years Sberbank, Russia’s state-controlled banking giant, has …

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Yandex.Money adopts US personal finance management solution to “help people live smarter”

December 10, 2018

Yandex.Money’s 46 million users may now enjoy personalized analysis and advice to optimize their expenses and savings. The Russian e-payment company has integrated to its e-wallet mobile app a personalized financial management (PFM) service provided by American Moven Enterprise. This real-time application uses artificial intelligence to provide people with a “financial wellness” experience and “help …

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