Sberbank is Russia's biggest lender and it has announced the release of GigaChat, an AI chatbot technology that aims to rival ChatGPT. Although it is currently in invite-only testing mode, GigaChat is expected to be a fierce competitor in the AI chatbot industry in the near future.
The introduction of ChatGPT in 2022 by Microsoft-backed startup OpenAI has triggered a battle in the tech industry for more accessible and intuitive AI technology. Sberbank's foray into this sector comes at a time when Russian businesses are seeking to reduce their dependence on foreign technology.
Sberbank said GigaChat's remarkable ability to communicate more intelligently in the Russian language was a significant advantage over other foreign neural networks. This is especially important for a country like Russia, where a significant portion of the population prefers to communicate in Russian.
Sberbank's move towards AI technology is part of a broader effort by the bank to reduce Russia's dependence on imports, which has become more critical as Western nations have imposed sanctions on Russia for its actions in Ukraine. The bank has made significant investments in technology in recent years and hopes that GigaChat will help drive innovation and transform how people work and conduct business in Russia.
Both China and Russia are not behind.
The potential of AI is recognized by global superpowers, and they have introduced their own versions of the powerful tools. China has also entered the competition with not one but two contenders. In contrast to the Russian alternative of ChatGPT, these Chinese AI tools will be able to communicate in the country's native dialects.