French banking major BNP Paribas has announced plans to invest €3bn in digital initiatives in the next three years.

The bank said that the investment will be used for streamlining end-to-end processes, developing mutualised platforms, adapting information systems, better using data, reinforcing data storage, protection and analysis capacities, as well as developing more digital and agile work practices.

“In all the divisions, the Group will implement an ambitious transformation programme that aims at the same time to implement a new customer experience, the acceleration of digital transformation and improvement of operating efficiency,” the French lender said.

The bank expects the digitisation programme to generate €3.4bn in savings between 2017 and 2019.

BNP Paribas CEO Jean-Laurent Bonnafe said: "After the success of its 2014-2016 plan, which allowed to attain the defined targets, the Group now unveils its 2020 business development plan that announces an acceleration of digitalisation and targets an average growth of net income of more than 6.5% per year until 2020.

“Serving its customers all over the world, the Group is thus building the bank of the future."