The position that "the banking sector is currently in a strong and healthy cycle, with sufficient capital, high liquidity and organic profitability" was expressed by the CEO of Bank of Cyprus, Panicos Nicolaou, in a fireside chat within the framework of the 13th Banking, Payments and Fintech Forum and Expo, presented by Logicom.
In the discussion, which was moderated by Logicom Solutions Managing Director, Chrysostomos Kritiotis, and entitled 'The Future of Banking in Cyprus and the vision of Bank of Cyprus', Nicolaou underlined that for the first time in many years the Cypriot banking sector is characterised by a smaller number of banks but also by significant investments by large banking groups, a fact which - as he noted - "constitutes a vote of confidence in the economy".
At the same time, he stressed that the banking environment is changing at an extremely rapid pace, noting that customers no longer compare banks to each other, but compare them with large digital platforms and technology companies. As he mentioned, customer expectations are shaped by their experience with applications and technology services, which makes it crucial for banks to adapt to a new competitive framework.
He also made special reference to artificial intelligence, stressing that it is no longer a theoretical discussion, but a reality that affects the way banking products and services are designed and offered. At the same time, he pointed out that technology also creates opportunities, enabling Cypriot banks to expand their activity across borders more quickly.
In closing, Nicolaou focused on the importance of stability, predictability and institutional credibility, especially for small economies such as Cyprus, underlining that trust and security are key prerequisites for the sustainable development of the financial system.
(Source: InBusinessNews)
