Hellenic Bank outlines vision for holistic transformation

Hellenic Bank on Wednesday released a statement summarising its presence at the annual Nicosia Economic Congress, which took place the day before, including its strategy and plans for the future.

The Nicosia Economic Congress, which was sponsored by Pancyprian Insurance and Hellenic Life, allowed the bank to present its vision for a new economic model at an event which focused on the exchange of expert views and analyses of current trends, facilitated the sharing of perspectives, and explored the challenges and opportunities for the Cypriot economy.

The CEO of HB Insurance Holding, Christos Patsalides, emphasised the importance of the insurance industry in Cyprus, stating that it is and will continue to be a significant pillar of the country’s economy.

According to Patsalides, the insurance industry contributes approximately 4 per cent of the Cypriot GDP, and life insurance companies manage funds of about €1.5 billion.

In addition, he explained that the Life Sector is expected to maintain its positive growth with increased demand, despite pressures on household disposable income.

On the other hand, Patsalides noted that the General Insurance Sector’s growth rate would inevitably be affected by the increases in raw material prices and labour costs, as well as the slowdown in the business sector’s growth.

Despite these challenges, Patsalides is confident in the future of the insurance industry in Cyprus. He emphasised that the sector’s resilience and ability to adapt to changing conditions will help it overcome any challenges it may face in the future.

“The savings and investment plans offered by life insurance companies allow diversification and alternative opportunities in portfolio investments, especially for individuals, offering a very attractive option for medium and long-term investments,” Patsalides explained.

What is more, Patsalides underlined that both Pancyprian Insurance and Hellenic Life are aiming for a total evolution of their business that is not limited solely to a digital transformation, in order to better serve their customers.

“We are taking advantage of the possibilities offered by the digital transformation in order to continuously improve the service of both our customers and our partners, while we place special emphasis on matters related to the Environment, Society & Corporate Governance” he added, in reference to the company’s ESG initiatives.

For his part, Christos Eojourian, the Head of Technology & Digital at Hellenic Bank took part in a round table discussion on the challenges of the technology sector and the ways in which the digitalisation of the Cypriot economy can be further strengthened.

As he mentioned, the digitisation of services can transform our economy, while he also underlined the fact that Hellenic Bank is investing in upgrading the banking services it offers, focusing on a new service model, with the aim of a complete and effective transition to the digital age.

Finally, Eojourian referred to the shift of customers to alternative service channels, but also to Hellenic Bank’s intensive efforts to educate and acquaint them with technology so that they can perform basic banking transactions safely, more easily, quickly and economically.