The Bank of Cyprus' intensive efforts in recent years to transition to the digital age seem to be bearing fruit, since, as the Group's CEO, Panicos Nicolaou, has announced, people no longer need to actually visit the Bank's branches.
According to what he said during a press conference presenting the financial results for the first half of the year, following the recent offer of a mortgage loan through its digital channels, the Bank of Cyprus now provides all the necessary tools that individuals need and "now everything that someone can do by visiting a Bank branch, they can do via their mobile phone."
In fact, given that an increasing number of individuals are using the Group's digital channels, Nicolaou announced significant developments for businesses as well.
More specifically, and in response to a question about the Bank's next steps in the field of digital transition, he stated that so far emphasis had been placed on individuals, to whom a full range of services is now provided through the Group's digital application.
"In the coming period, within the next year, the emphasis will be given mainly to companies and businesses, offering, for example, the possibility of taking out loans or opening a new account via mobile, following the same procedure as individuals," he added.
Furthermore, the CEO of Bank of Cyprus continued, a chatbot application is expected to be available in the first quarter of 2026, through which customers will be able to submit any question concerning the Bank and immediately receive relevant information.
From account opening to insurance
Regarding individuals and the solutions offered by the Bank, Nicolaou underlined that "through digital channels, Bank of Cyprus now offers its customers personal loans, insurance and account opening."
According to Nicolaou, for some weeks now the Bank has also been offering a mortgage loan through its digital channels, pointing out that the Bank of Cyprus is the only Bank in Cyprus that offers this service, and that interest is already very high.
"Now, whatever someone can do by visiting a bank branch, they can do it via mobile. Therefore, there is no reason for anyone today to visit a bank branch," he stressed, underlining that "even if they hold a Bank of Cyprus cheque, they can photograph it and have it deposited directly into their account."
Additionally, he continued, "if you are a company and have receipts, you can go through the store and leave the bag in the machines, without having to stand in line to be served by the cashiers. There is no reason."
"We very much believe in technology and it is something that I believe sets us apart and enables us to operate the Bank at a lower cost," the CEO of Bank of Cyprus further emphasised.
Numbers always tell the truth.
Moreover, according to data published by the Bank of Cyprus, by 30 September, 2025, the number of active users of its digital channels increased to 499,000, with 469,000 of them being active users of the Bank's mobile application (BoC Mobile App).
Furthermore, 244,000 are active users of the QuickPay service, while daily connections by the Bank's customers to its digital channels reached 230,000.
In addition to the above, during the first nine months of the year the Bank also presented strong performance in digital sales, both in the banking and insurance sectors.
Based on the results, digital loans amounted to €182 million in the first nine months, compared to €146 million at the end of December 2024 and €136 million in the corresponding period last year.
In fact, of the €182 million euros in digital loans granted in the first nine months of the year, €6 million concerned housing loans.
At the same time, digital insurance sales in the first nine months amounted to €536,000, compared to €431,000 at the end of December 2024 and €276,000 in the corresponding period last year.
Furthermore, QuickAccounts increased in the first nine months of the year to 46,237 compared to 31,670 at the end of December 2024 and 27,422 in the corresponding period last year.
What does the Bank offer digitally?
It is worth mentioning that Bank of Cyprus offers a wide range of products through its digital channels, which are aimed at all ages.
In particular, the Bank offers Internet Banking, Mobile Banking App and QuickPay , as well as the JOEY application for children and adolescents and the Jinius application for businesses.
Additionally, the Bank also implements the Pronomia rewards program, through which it rewards its customers who meet specific conditions.
Moreover, through the Mobile Banking App, the Bank's customers can, among other things, open an account, apply for a new card and apply for a loan - personal, mortgage and car loan.
(Source: InBusinessNews)
