“Mature mechanisms, technologies, and processes for Information Risk Management and Cybersecurity are already in place, stated Demetris Nicolaou, CFA, Director of the Digital Transformation Division, in an interview with Kathimerini Cyprus.”

What measures are you taking at the Bank of Cyprus to accelerate digital transition and where do you want the Bank of Cyprus to be in five years in terms of the digital virtues that it will have acquired?

I dare say that we are not in a phase of acceleration but in a phase of continuous evolution of our digital presence. Fortunately for us, we have ascertained this shift towards digitalization on time and launched a targeted strategy focused on our digital development and the optimal use of technology since 2017.

Our long-term goal is to offer pioneering products, innovative services and digital experiences based on practices which are applied internationally and bring customers closer to the bank, wherever they may be and at any time they wish.

Developments are happening at such a rapid pace that the only certainty in the modern environment is constant change. We assure our customers that we will evolve in such a way so that we continue to meet their needs quickly, simply and securely.

There is a great public response to electronic payments and other mobile applications. This is a given, not only for BOC. What should customers expect in relation to possible upgrades to digital channels in the near future?

The 500,000 existing users of our digital channels, as well as those who will join, can expect even more upgrades and innovative products in the near future. We would like our daily connections to our digital platforms to continue to increase significantly and to break, once again, the record of 230,000 in one day. In addition to the dozens of digital innovation awards that we have won in recent years (Global Finance, Euromoney, etc.), the best proof of the successful digital model that we follow is the interaction and utilization of the tools that we offer by our customers. The almost 250,000 active users of QuickPay, the almost €170 million that we granted in financing through Quick loans, the ever-increasing sales of digital insurance products, the creation of over 40,000 new QuickAccounts, confirm the usefulness and usability of these products and services for our customers.   

We are not stopping there; we make sure to constantly enrich our wide range. We have recently introduced the digital housing loan for which the customer receives approval either immediately or within 24 hours. Imagine if someone told us a few years back that we could take out a housing loan without having to visit the bank.   

At the same time, we pay special attention to the new generation, to our next customers, to the next citizens of this society. We launched QuickAccounts for young persons of 18-25 years old, we introduced Joey, the one-of-a-kind platform for teens and parents, which introduces young persons to the world of finance and gives them the opportunity to learn first-hand and in a practical manner how to manage their finances. But we didn't stop there. We have gone a step further than the competition and we have created a special loyalty program, Joey Extras, which includes targeted offers on food, gaming and youth experiences.

And there is much more to come. We consider the above to be competitive advantages with respect to domestic competition but also as a response to neobanks.

How is the Bank of Cyprus preparing to deal with cyber-attacks which are becoming increasingly difficult and, above all, how will it protect customers' personal data?

The security of our customers' transactions and data is a key priority for the Bank of Cyprus. When we say that in recent years we have significantly invested in our technological development, we mean that a significant part of this investment has been used in cybersecurity issues and the protection of our customers and their financial operations.  

Mature mechanisms, technologies and processes for the Management of Information Technology and Cybersecurity Risks are already in place and are being managed by specialized teams within the Bank.

The Management of Information and Cybersecurity, which also includes the protection of customer information, is designed and implemented based on internationally recognized standards and security control frameworks, always in accordance with the instructions and regulatory requirements of the financial industry and supervisory authorities.

It is clear from international developments that cyberattacks are becoming increasingly intense and more sophisticated. That is why we are constantly vigilant, utilizing the most advanced technological tools in order to safeguard both our customers' personal data and money. 

How does the Bank of Cyprus utilize and analyze customer data in order to shape digital strategy for better penetration in the audiences of interest?

The use of data analytics, always with respect and compliance with personal data rules, enables us to identify, design and offer solutions tailored to the needs of our customers. A typical example is Jinius, which was missing from the Cypriot market as a whole and is currently the only platform of its kind that connects businesses from all over Cyprus with each other (B2B) and businesses with consumers (B2C) in a single, digital space. Jinius is used by over 1,800 companies and 300+ merchants. In the first nine months of 2025 alone, transactions amounting to €2 billion were carried out through the platform.

An equally tangible example is the Fleksy product, a Buy now, pay later solution. It is a lending solution involving small amounts, with an automated approval or rejection decision and flexible repayment plans. These products emerged through the understanding of our customers' needs, based on their digital movements.

How does the commitment to digital channels balance with the need for human contact and service, especially to customers who have limited access to digital channels?

Every period of great change needs time so that people can adapt. At the Bank of Cyprus, we have been working over time and at all levels to ensure that there are no exclusions, neither due to digitization, nor due to mobility difficulties or other problems that our fellow citizens may face.

 Servicing these customers is our responsibility. That is why:

• We maintain 77 branches and 131 ATMs all over Cyprus, giving emphasis to areas where access to digital media is limited.
• We ensure accessibility for everyone, with 91% of our ATMs and 97% of our buildings accessible to persons with disabilities. Our infrastructure is constantly evolving in order to meet the needs of all our customers.
• We maintain the sole drive-through branches in Cyprus, offering convenience and immediate service, especially to persons with mobility difficulties or increased time requirements.
• We enhance self-service with modern machines, but without removing the option of personal support. The customer always has the opportunity to contact our trained staff.
• We offer accounts with basic banking services as part of our commitment to financial inclusion. We would like every citizen to have access to basic banking services, regardless of social or economic status.

In the digital age, the Bank also makes sure to provide everyone with equal access opportunities to its digital channels, especially to persons with disabilities. The Bank is constantly working to increase the accessibility and usability of its website and its digital channels. It has improved the content of its websites in order to comply with the Web Content Accessibility Guidelines 2.1 (WCAG) of the Web Accessibility Initiative (WAI). In this context, periodic evaluations are carried out with automatic tools so as to identify and correct any accessibility issues of the content of the website and digital banking, with the purpose of maintaining and improving the level of accessibility and usability.