VTB and the Moscow Institute of Physics and Technology (MIPT) have agreed to open a joint analysis & growth facility to assist the actions of MIPT staff, which purpose to develop the use Big Data applied sciences and synthetic intelligence (AI) in banks.

The settlement on the creation of the scientific facility named “Machine Learning in Banking Technologies” was signed by Vadim Kulik, Deputy President and Chairman of the VTB Management Board, and Nikolay Kudryavtsev, Dean of MIPT.

The first initiatives from the analysis facility can be utilized growth of speech recognition functions and providers to enhance VTB’s buyer assist. Another space of collaboration within the new facility can be analysis and initiatives within the subject of figuring out the psycho-emotional state of the financial institution’s workers utilizing neural networks. In addition, VTB and MIPT will develop mathematical fashions to enhance the financial institution’s efficiency, in addition to applied sciences for VTB’s enterprise companions.

Vadim Kulik, Deputy President and Chairman of the VTB Management Board, stated: “Artificial intelligence technology is already in use across many the bank’s processes, accounting for up to 70% of the analytics and automatic decision-making tasks. As part of our digital transformation, we are focussed on increasing development in this area. The joint project with MIPT will not only allow us to bring the technologies used in the Russian banking sector to the next level but will also contribute to the development of corporate science and scientific research. In addition, our R&D facility will give the most talented students the opportunity to try their hand at solving real world practical problems.”

Nikolai Kudryavtsev, MIPT Director, stated: “VTB is a key participant within the banking sector. For MIPT, the creation of a joint R&D facility aimed toward fixing the formidable duties set by the financial institution is a chance to develop not solely its competencies within the subject of synthetic intelligence and machine studying, but in addition to be concerned within the growth of the home fintech ecosystem.”

The opening of the joint analysis & growth facility is step one in bilateral relations aimed toward growing home algorithms for creating functions utilizing synthetic intelligence instruments, enhancing VTB providers and involving MIPT college students in fixing particular issues in the true financial system.