Rabobank to spend €2 billion in AI and tech as net profit stagnates

Aug 4 : Dutch bank Rabobank said it would invest €2 billion ($2.30 billion) over the next three years in data, tech and AI, as banks around the world step up their AI investments.

• "Artificial intelligence, data and other new technologies will further transform the way we work. To take full advantage of these developments, and most of all to meet evolving customer expectations, we will invest up to 2 billion euros in strengthening our Data & IT foundation, enhancing customer experience and scaling AI," said Rabobank CEO Stefaan Decraene, as the bank released its interim results.

• Rabobank's AI investment follows similar moves by other banks, such as British bank Lloyds which last month announced AI-driven cost-cutting plans.

• Rabobank said it made a first-half net profit of 2.69 billion euros ($3.10 billion) - the same amount as in the same period a year earlier.

($1 = 0.8692 euros)