Association: Major Russian banks invest $1 bln/year in AI progress

MOSCOW, Oct 4 (PRIME) -- Russia’s five largest banks invest about U.S. $1 billion in total annually in the development of artificial intelligence (AI), according to FinTech Association’s documents seen by PRIME on Wednesday.

“Return on investment amounts to up to $3 billion per year,” the analysts said.

The major financial institutions have already injected more than $10 billion in AI development during the recent 10 years.

The key barrier for AI implementation is the deficit of specialists with 83% of the country’s companies saying they lack staff.

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