Another important distinction for the Bank of Cyprus, is its recognition as one of the best digital banks in western Europe. The Bank of Cyprus has been awarded as the best digital bank in Cyprus for 2021 in retail and business banking. The prestigious magazine Global Finance honoured the bank as part of its World’s Best Digital Bank Awards 2021.
Digital Transformation Manager of the Bank of Cyprus Dimitris Nikolaou welcomed the international recognition, saying that “for another year our Bank is awarded for the strategy it has been following addressing digital banking in the context of digital transformation. This award is a practical recognition of the work being done to develop new digital services and products that enhance customer experience. Recent examples are the electronic data update (Digital KYC), the digital account opening for new customers (Digital Onboarding) but also the sale of insurance products through the BOC Mobile App”.
As he pointed out, “our customers embrace our innovative products and services and we constantly gain momentum, which is recorded in our results. At the end of September 2021, 88.3% of the number of transactions related to deposits, cash withdrawals and transfers inside and outside the Bank, were made through digital channels (an increase of 64.6% in September 2017, when the digital transformation program began).”
Nikolaou also emphasised that “the Bank is committed to being a pioneer in the effort for the digital evolution of our country and the completion of our transition to a new era, a philosophy developed by CYON (Cyprus ON)”.
“With the global pandemic forcing people to do their personal and professional banking from their phones, tablets and computers, the digital bank takes initiatives to highlight its importance and superiority, more than anything else that has come before. Banks were forced to respond to this drastically changing landscape and those who responded most successfully are awarded as ‘the best Digital Banking in Retail & Business Banking for 2021’,” publisher and editor-in-chief of the magazine Joseph D. Giarraputo said.
The selection of award winners is based on specific criteria such as the capacity of the strategy to attract and serve digital customers, the success of encouraging customers to use digital products and services, the development of the digital clientele, the range of products and services provided, reaping the real benefits of digital initiatives, and the design and functionality of e-banking services.