The position that the Cypriot banking market is in a phase of substantial transition, which requires a balance between innovation, regulatory compliance and timeless banking values, was supported by George Agioutantis, CEO and Executive Member of the Board of Directors of the National Bank of Greece (Cyprus).
In a fireside chat on the topic of 'Banking in Cyprus: A sector in transition and the role of National Bank of Greece (Cyprus)', hosted at the 13th Banking, Payments and Fintech Forum and Expo, presented by Logicom, Agioutantis analysed the challenges and opportunities that shape the new environment for banks, emphasising the role that the National Bank is called upon to play in Cyprus.
Continuity and adaptation to a changing environment
As Agioutantis stated, the banking market in Cyprus remains a sector with stable dynamics, in which banks will continue to be active, offering solutions that combine traditional banking products with modern, complementary services. At the same time, he underlined that the cross-border dimension is gradually strengthening, especially in the field of international banking, reflecting Cyprus' role as a financial hub.
Regulatory framework: a challenge and at the same time a guarantee of trust
Agioutantis made particular reference to the regulatory environment, which – as he noted – remains demanding and complex. However, he stressed that strict regulation is at the same time a foundation of trust and resilience for the banking sector. According to the CEO, the challenge lies in shaping a framework that is “smart and pragmatic”, ensuring a level playing field between banks and non-bank financial service providers.
Customer-centric technology with a human foundation
Referring to the role of technology, Agioutantis noted that digital tools contribute significantly to faster and more efficient customer service. However, especially in the corporate banking sector, he pointed out that what makes the difference is not only technology, but also specialisation, experience, the right skills and long-term relationships of trust.
"Banking, at the end of the day, is a matter of trust," he said, underlining that meaningful relationships with customers are built gradually and form the basis for long-term, mutually beneficial partnerships.
The role of the National Bank of Greece (Cyprus)
In the context of the sector's transition, Agioutantis stressed that the National Bank of Greece (Cyprus) seeks to operate as a stable and reliable partner, combining the group's international experience with deep knowledge of the local market. The bank's strategy, as he noted, is based on maintaining trust, providing specialized solutions and continuously adapting to market developments.
The discussion was moderated by Chrysostomos Kritiotis, Managing Director of Logicom Solutions.
(Source: InBusinessNews)
