Dutch bank Rabobank has announced plans to invest €2 billion ($2.30 billion) over the next three years in data, technology, and artificial intelligence (AI). This decision comes as banks globally are enhancing their AI capabilities. CEO Stefaan Decraene emphasized that investing in AI and technology is essential to meet evolving customer expectations and improve the bank’s data and IT infrastructure.
Rabobank’s commitment follows similar initiatives from other financial institutions, such as British bank Lloyds, which recently unveiled AI-driven cost-cutting strategies.
In its interim results, Rabobank reported a first-half net profit of €2.69 billion ($3.10 billion), consistent with the same period last year.
