French banking group Credit Agricole has earmarked an investment of €15bn for its IT upgrades in the next four years.
The bank targets €300m in IT efficiency and aims to have a data-centric architecture in 2022 at 90% of the group entities.
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Plans are also on to test all emerging technologies for various business lines.
To make its staff well-equipped to manage these technologies, the bank intends to train all its employees at the new IT University.
The bank has set its profit target at more than €5bn by 2022.
It aims revenue synergies of €10bn in 2022, driven by insurance and specialised financial services.
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By GlobalDataCommenting on its strategy, Credit Agricole said: “Within this new long-term framework, the 2022 strategic plan is a roadmap for profitable growth for Crédit Agricole.
“It builds upon the previous Medium-Term Plan, Strategic Ambitions 2020, which delivered almost all of its financial results a year ahead of schedule.
“It seeks to amplify and accelerate the Group’s growth in an uncertain environment, and in a context of growing societal expectations.”
At the same time, the bank outlined its focus on green financing.
The bank said that it will “commit all the Group’s entities to a common climate strategy, in line with the Paris Agreement”.
