SBERBANK HOLDS AI COMPETITION: Major Russian bank Sberbank is hosting an AI competition open to all Russian adults, according to Finextra. Participants will develop an algorithm that mirrors poetry in the style and topic of a specific Russian author, and will be judged accordingly, with the winner receiving 500,000 rubles ($8,030) and runners-up getting 300,000 rubles ($4,818) and 200,000 rubles ($3,212), respectively. The competition is intended to “support research activity and crowdsourcing of ideas and algorithms in data analysis, machine learning, and AI,” according to Finextra, and follows other, similar initiatives from Sberbank. AI-based technology is valuable for banks because it can be used on both the front- and back-end to improve efficiency, cut costs, and limit fraud risk. By tapping into the public, Sberbank could find new ways to use AI or access skilled developers to ultimately improve its own offerings for banking use cases.