Articles by Theano Thiopoulou

Technology

Artificial Intelligence changes bank transactions

The banking sector is increasingly incorporating digital solutions and preparing the ground for implementing Artificial Intelligence (AI) for customers as the technological revolution advances. Bank of Cyprus chief executive Panicos Nicolaou gave a taste of what lies ahead when he presented the group’s nine-month 2025 results last week, outlining the challenges facing tomorrow. His response about how young people’s relationship with the banking network is shaping up was characteristic. Our children, he pointed out, will not need to enter bank branches, and this is not very far away. The reason is the use of digital technology, which naturally distances the customer from the branch, whilst at the same time the banking network is being modernised. Artificial intelligence in turn is affecting the banking system and those dealing with it, with developments expected to fundamentally change the way it operates. The bank is expected to implement artificial intelligence for customer service in the first quarter of the year, providing the ability to submit questions and receive answers through virtual assistants. Subsequently, using algorithms, banks will be able to recognise and interpret their customers’ needs, offering them personalised financial solutions and advice. As for the present and what applies now, use of the group’s digital channels continues to increase. According to figures Bank of Cyprus announced in last week’s nine-month results, on 30 September 2025 the group’s digital community grew to 499,000 active subscribers to digital channels, Internet Banking and the BOC Mobile App, recording annual growth of 5%. Similarly, on 30 September 2025, the BoC Mobile App counted a total of 469,000 active subscribers, recording growth of 6% year-on-year. During the third quarter of 2025, the group continued to expand and improve its digital portfolio by adding new innovative services for its customers. The banking app for children and teenagers, Joey, aimed at ages 9-17, was further enhanced with two new features: Joey Extras, which launched in July and offers a wide range of exclusive privileges, such as discounts at local merchants and on the Jinius platform, cash back for purchases on online gaming platforms and much more. Greek groups moving ahead Banking groups in Cyprus and Greece have grasped the significant advantages of digital transition and artificial intelligence. Eurobank has elevated digital innovation to a key pillar of its development, constantly incorporating cutting-edge technologies, including Artificial Intelligence, to upgrade customer experience, including virtual assistants and financial management tools. Alpha Bank since September 2024 has integrated Microsoft Copilot into the work of over 300 employees, aiming for employees with their own AI assistant to exceed 1,000 by the end of 2025. According to research, global adoption of artificial intelligence reached 78% across all businesses in 2024, significantly increased from just 20% in 2017. McKinsey, the consulting firm, estimates that artificial intelligence is capable of offering between $200 billion and $340 billion annually in value across the entire banking sector.