- The banking industry is entering a phase of strong transformation thanks to Artificial Intelligence (AI), helping to automate services, personalize advice, and reduce the need for traditional branches.
- Bank of Cyprus CEO, Panicos Nicolaou, stated that the younger generation “will no longer need to step into a bank,” as AI and digital technology will completely replace direct interactions.
- Bank of Cyprus plans to deploy customer-facing AI in Q1 2026, through a virtual assistant capable of answering questions and providing automated financial solutions.
- Machine learning algorithms will enable the bank to analyze behavior, identify needs, and propose personalized financial products.
- The bank currently records 499,000 digital channel users and 469,000 mobile app users, increases of 5% and 6% respectively compared to the same period in 2024.
- The “Joey” app for children aged 9–17 has been expanded with the “Joey Extras” program, offering discount incentives and cashback on shopping or online gaming.
- In Greece, Eurobank and Alpha Bank are leading the adoption of AI. Eurobank integrates virtual assistants and AI-driven financial management tools; Alpha Bank uses Microsoft Copilot for over 300 employees and aims to reach 1,000 users by the end of 2025.
- According to McKinsey, AI could bring $200–340 billion USD in value annually to the global banking industry, while the rate of AI adoption in businesses reached 78% in 2024 (compared to 20% in 2017).
📌 Cypriot and Greek banks are accelerating automation thanks to AI, ranging from virtual assistants and customer behavior analysis to Copilot tools for employees. Bank of Cyprus will launch customer-facing AI in early 2026, marking a turning point where banking transactions will no longer require physical branches. AI is projected to bring $340 billion USD in value to the global industry.
