Improving customer experience crucial to banking sector success

Chief Banking Officer at Hellenic Bank Phivos Stasopoulos on Friday addressed the tenth Banking Forum and Fintech Expo, touching on a number of issues, including the challenges facing the banking sector, as well as the need to prioritise the customer experience.

According to Stasopoulos, by utilising technology and data analysis, Hellenic Bank seeks the best possible customer service through alternative channels, including its ATMs, online banking services and customer contact centre.

“The shift of customers to digital service is clear as now 82 per cent of transactions are carried out outside stores, in alternative channels, while 97 per cent of transfers are carried out through online banking services,” he explained.

However, the Chief Banking Officer stressed that the shift of customers to alternative channels means fewer visits to the stores and, by extension, fewer opportunities to come into contact with the customer and let them know about the services and products that the bank can offer.

“This means that we have to become a ‘smart bank’, focusing on our customers and their needs, using modern tools”, Stasopoulos said, underlining how important it is for banks to invest in the field of data analytics and technology, explaining that these tools allow the bank to offer customers personalised solutions, according to their needs, while improving decision-making processes.

Hellenic Bank, Stasopoulos explained, under the umbrella of Project Victory, is creating smart tools with the aim of better serving the customer, automating processes and improving their experience in matters of credit facilities.

“We are able to reduce the time it takes to say yes or no to the customer, while at the same time offering them tailored solutions,” Stasopoulos said.

“Some of our tools include RAROC (risk-adjusted return on capital) for better customer pricing and Customer 360, allowing for the leveraging of customer data so that, through data analysis, we can create a global picture, a 360-degree picture, confirming our motto that “for us, your business is personal”, giving the customer the personalised solution they need,” he added.

In addition, he also spoke on the tools that enable customer rewards and better pricing of the client in a highly competitive environment.

“This journey is not “tools versus people”, it’s tools and people that need to work together and at Hellenic Bank, we are constantly enhancing the skills of our people so that they are able to offer an upgraded service experience to our customers using smart tools at our disposal”, Stasopoulos stressed.

Meanwhile, Andreas Assiotis, Head of Retail Banking and Christos Eotzourian, Head of Technology and Digital of the Hellenic Bank, also spoke at the event, participating in a panel discussion.

Among other things, they examined the topic of smart banking, the digital transformation of banking services, as well as the way in which the customers of the new generation will engage and interact with credit institutions moving forward.

The Banking Forum and FinTech Expo, which represents the evolution of the annual Cyprus Banking Forum, aims to put the spotlight on professionals from the local banking sector.

This year’s event also saw the participation of established professionals from international organisations, who reviewed and analysed the latest developments in the wider financial services sector and provided a commentary on today’s banking ecosystem.