Filenews 17 November 2025 - by Theano Thiopoulou
As the technological revolution progresses, the banking sector is increasingly integrating digital solutions and paving the way for the application of Artificial Intelligence (AI) for customers.
Bank of Cyprus CEO Panikos Nicolaou gave a glimpse of what will come next, when last week he presented the nine-month results of the 2025 complex, outlining the outline of the challenges facing tomorrow. A typical answer was how the relationship between young people and the banking network is prescribed. He indicated that the children will not have to enter bank branches and this, as he mentioned, is not far away. The reason is the use of digital technology that de facto removes the customer from the branch while at the same time the banking network is being modernized. Artificial intelligence, in turn, affects the banking system and traders, with developments predicted to radically change the way it operates. Estimated in the first quarter of the year, the Bank of Cyprus will implement artificial intelligence to serve its customers, providing the ability to ask questions and be able to get answers through virtual assistants. Then, with the use of algorithms, banks will be able to identify and interpret the needs of their customers, offering them personalized financial solutions and advice.
To come to today and what is true now, the use of the band's digital channels continues to increase. According to data announced by the Bank of Cyprus in its nine-month results last week, on September 30, 2025, the group's digital community grew to 499,000 active subscribers to the digital channels, Internet Banking and BOC Mobile App, marking a year-on-year increase of 5%. Similarly, on September 30, 2025, the BoC Mobile App counted a total of 469,000 active subscribers, marking a 6% year-on-year increase. 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 kids and teens, Joe, aimed at ages 9-17, has been further enhanced with two new features: Joey Extras, which launched in July and offers a wide range of standout benefits, including discounts at local merchants and on the Jinius platform, cashback for purchases on online gaming platforms, and more.
Greek groups are moving forward
Banking groups in Cyprus and Greece have realized the significant advantages of the digital transition and artificial intelligence. Eurobank has made digital innovation a key pillar of its growth, continuously integrating cutting-edge technologies, including Artificial Intelligence, to enhance the customer experience, including virtual assistants and financial management tools. Alpha Bank from September 2024 integrated Microsoft Copilot into the work of over 300 employees, with the goal of exceeding 1,000 employees who have their own AI "assistant" by the end of 2025.
According to surveys, global AI adoption reached 78% across businesses in 2024, significantly up from just 20% in 2017. McKinsey, a consulting firm, estimates that artificial intelligence is capable of delivering between $200 billion and $340 billion per year in value across the banking industry.
