From financial literacy to fully digital services, Philippou outlines the Bank's strategy to reshape customer experience

How is the Bank of Cyprus contributing to the ongoing evolution of the financial landscape in Cyprus?

Financial evolution today means much more than digital payments or mobile apps. It is about redefining the relationship between people and their finances, making banking simpler, more transparent and accessible to everyone.

At Bank of Cyprus we see this transformation as a continuous journey. Our goal is to create a digital ecosystem that supports customers in every stage of their lives, from their first interaction with money as children to major life decisions such as buying a home or creating a business.

Over the past years we have invested heavily in our digital infrastructure, including the Bank’s website, the BOC Mobile App, Internet Banking and a range of new innovative digital products and services. These channels allow customers to manage their finances quickly, safely and from wherever they are.

At the same time, innovation for us goes beyond the technological aspect. It is about empowering people to make better financial decisions, feel confident in managing their money and staying safe in a new era where fraud and scams are also on the rise.

One example of this approach is JOEY. What role does it play in financial education?

JOEY is a very good example of how financial evolution can start at a young age. Especially in Cyprus, where the financial literacy levels are quite low, JOEY is an excellent tool to increase young people knowledge around money. Through the JOEY app and card, children and teenagers can take their first steps in managing money in a safe and supervised environment.

The idea behind JOEY is simple but powerful. We want young people to learn how to handle money responsibly before they become adults. Through the app they can see their balance, track their spending, set savings goals and gradually understand how financial decisions affect their future.

For parents, the platform offers transparency and peace of mind. They can monitor transactions, receive notifications and guide their children in a practical way as they develop healthy financial habits.

Financial literacy is one of the most important skills a young person can acquire today. JOEY allows children to interact with money in a practical way, helping them build confidence and responsibility while still operating within a secure banking framework.

But the Bank’s digital journey does not stop with younger customers, correct?

Exactly. We created JOEY because we wanted it to be the beginning of a much broader digital journey.

Our goal is to constantly create solutions that serve customers at every stage of their life. As young people grow and their financial needs evolve, the Bank of Cyprus offers products and services that support them in every step of their journey.

For example, young adults entering the financial world can open the 18–25 Quick Account, a fully digital solution designed to support them at the early stages of their financial journey, even before employment, offering zero fees and a range of tailored benefits. Complementing this, the Youth Culture Card provides €220 to be spent on cultural experiences at no cost, encouraging young people to engage with culture while connecting banking with their everyday lives. In this way, young people feel that banking is accessible, intuitive and relevant to their lifestyles.

The Bank has invested significantly in digital channels in recent years. What role do they play in the customer experience?

Digital channels are now at the centre of modern banking. Customers expect services that are available instantly and that simplify their daily routines.

Our BOC Mobile App is a key pillar of this strategy. Through the app over 500,000 digitally active customers can manage accounts, transfer money, pay bills and access a wide range of services without visiting a branch.

One example is QuickPay (250,000 active users), which allows users to send and receive money quickly and easily. The functionality continues to evolve, offering new possibilities that make everyday transactions even more convenient.

At the same time, the Bank’s website remains an important hub for information and digital services. We continuously upgrade it to ensure customers can easily access tools and guidance that help them make informed financial decisions.

One such initiative is the Home Hub. What is its purpose?

Buying a home is one of the most important financial decisions a person or a family will ever make. It is not simply about taking a loan; it is about planning, understanding the process and making the right choices. The Home Hub was created precisely to support customers in this journey. It is a dedicated online space that brings together mortgage options, useful tools and expert guidance.

Through the Home Hub, customers can explore different mortgage solutions, understand the steps involved in purchasing a property and calculate potential loan installments options. The goal is to provide clarity and transparency so that individuals and families feel confident when making such a significant decision. This combined with another new groundbreaking service, our digital housing loans. Now, our customers can make a digital application for a housing loan with an instant decision.

It is a great example of how digital tools can empower customers by providing the information they need in one place and people are already using it a lot.

Another great and innovative product we have recently launched is Fleksy, our Buy Now, Pay Later solution, which allows customers to split their purchases into flexible instalments, with instant approval, a reusable credit limit and the ability to shop anytime, anywhere, supported by simple repayment plans of up to nine months.

BOC New Branch

How does the Bank support customers who may need help navigating these services?

Technology should make banking easier, not more complicated. That is why we recently upgraded the Help Section on our website, which provides answers to a wide range of banking questions and guidance regarding specific actions that our clients.

Customers can find guidance on everyday banking topics, from digital services and payments to account management and security. The platform is continuously enriched with new content so that people can quickly find the information they need.

This reflects our broader philosophy: digital banking is about combining convenience with continuous, accessible support. Beyond our digital channels, customers have access to our Call Center seven days a week, while our dedicated team of “Digital Representatives” proactively reaches out to guide and support them in their digital journey. A service that is unique in the Cypriot market. Even in a highly digital environment, we want our customers to feel that assistance and guidance are always available. As a result of these efforts, we have been recognised as the Best Digital Bank in Cyprus by Global Finance for seven consecutive years.   

Digital onboarding is another major development in banking. What does it mean for customers?

Digital onboarding represents a significant step forward in making banking accessible to everyone from everywhere. Since three years ago, anyone can become a customer of the Bank of Cyprus entirely online through the BoC Mobile App, without visiting a branch. Through a secure digital process, individuals can open their first account from wherever they are. And the numbers prove that this is a very popular service that our clients needed. More than 10,000 customers digitally onboarded during 2025, with increasing numbers shown during 2026 with more than 1,000+ customers onboarding per month.

This capability is particularly important in an increasingly global and mobile world. It allows people who may not be physically present in Cyprus to access our services and begin their relationship with the Bank easily and securely.

It is another example of how technology enables us to remove barriers and offer a seamless banking experience.

How do all these initiatives reflect the broader vision of Bank of Cyprus?

All these initiatives – from JOEY, Fleksy, Quick Loans and Quick Account to the BOC App, Home Hub and digital onboarding – are part of a larger strategy.

Our vision is to build a bank that evolves continuously alongside its customers. Technology allows us to deliver faster services, greater transparency and more personalised experiences. And we feel that we are on the wright way. We have more than 500,000 active digital users, of which more than 220,000 log in to our digital channels daily.

But at the same time, we remain focused on the human aspect of banking. Financial decisions are deeply personal and our role is to support customers with tools, guidance and trust. Today, we serve 75 per cent of the population of Cyprus and we want to increase that ratio because we are confident that we Bank of Cyprus, the people of Cyprus will have the digital services they deserve.  

Financial evolution is not a single innovation or product. It is an ongoing process of adapting to new realities and anticipating future needs.

At Bank of Cyprus, we believe the future of banking lies in combining innovation, security and customer empowerment. By investing in technology and creating solutions for every stage of life, we aim to ensure that our customers are not only part of this evolution but they are shaping it.