In today's banking industry, radical disruption is a reality. Whether it's customers wanting to do their banking solely via their moibile devices or banks taking the plunge to become digital to the core, the pace of change is fast and it's only getting faster. Add in developments in areas like blockchain, Open Banking, analytics, cloud and the rise of the fintechs, and it's clear that the dramatic reshaping of the banking landscape has only just begun.
This, in juxtaposition with impending challenges in the European Banking scene, including structural deficiencies, overcapacity, low/negative interest rates, and increasing regulatory pressures, has created a need for banks to reinvent themselves and change the way they do business and address their customer needs.
Banks in Cyprus have as a priority the execution of their transformation plans, working to redesign their internal processes, onboard new digital capabilities and formulate new more digitally aware teams with the mandate to push the transformation agenda forward. At the core of these efforts are the customers and the ways the Bank can deliver continuous value to them aiming to remain relevant. This will help the Banks increase profit margin and compete more effectively not only with local piers but also international digital players and startups that aim to make traditional banks obsolete.