Bank of Cyprus records more than 450,000 digital customers

An increasing number of customers are using the Bank of Cyprus’ digital channels, for both banking and insurance products, leading to a large increase in digital sales of insurance plans, according to the bank’s preliminary results for 2023 released on Monday.

According to the results, the group’s digital client base increased to more than 450,000 active users, both across internet banking and the BoC Mobile App, registering an annual increase of 9.4 per cent.

Furthermore, as of December 31, 2023, the BoC Mobile App had a total of over 410,000 active users, marking an increase of 14.4 per cent year-on-year.

In collaboration with General Insurance of Cyprus, the ability to buy an insurance plan has been integrated into the BoC Mobile App, allowing customers to access car or home insurance plans through the app, at lower prices than in stores.

As a result, the value of digital sales of insurance plans for the year ended 31 December 2023 amounted to €415,000, compared to €68,000 for the year ended 31 December 2022, reflecting approximately 1,400 new contracts during 2023, compared to approximately 230 new contracts for 2022.

As of 31 December 2023, 95.6 per cent of transactions involving deposits, as well as cash withdrawals and money transfers, both in Cyprus and abroad, were made through digital channels, reflecting an increase of 11.8 per cent from the 83.8 per cent recorded in June 2020.

Additionally, 84.1 per cent of retail customers chose digital channels over physical stores for their transactions, indicating a rise of 11.7 per cent from the 72.4 per cent recorded in June 2020.

Meanwhile, for the year ending December 31, 2023, account openings through digital channels increased 108 per cent year-over-year to 9,715 from 4,667 in 2022, and new debit cards opened through digital channels increased 156 per cent year-over-year, to 11,536 for 2023.

The Bank of Cyprus also noted that one of the latest digital innovations of the group is QuickLoans, which are available both through the BoC Mobile App and through Internet Banking and have transformed the once traditional lending process, offering customers immediate decisions on a credit facility request, without the need to visit the store.

Since the beginning of 2023, more than 33,000 applications have been processed, resulting in new loans of €100 million.

Finally, the digital signature feature was implemented in July 2023, which further simplifies the lending process, allowing customers to apply, sign, and redeem personal loans with a value of up to €15,000, as well as car loans of up to €35,000.