InsiderBusinessCoronavirus speeds up electronic banking use in Cyprus

Coronavirus speeds up electronic banking use in Cyprus

Remote electronic bank transactions are on the rise in Cyprus due to the coronavirus outbreak with less and less clients opting to have physical presence at branches.

At the same time, banks have already announced they will not be accepting utility bill payments from consumers and that these should only be paid online. And this has certainly led to a decreased presence of customers at banks.

Along with the implementation of the coronavirus-related measure where only a specific number can enter simultaneously – depending on the size of the branch.

All this means that the policy of banks to gradually lead customers to digital technology is taking place at a much faster pace due to the coronavirus.

Data obtained by Phileleftheros shows that Bank of Cyprus has recorded a 5% increase in the number of internet banking transactions over the past quarter compared to last year.

There was also a 6% increase in Bank of Cyprus’ 1bank active users with a gradual increase anticipated over the coming days. Cash withdrawals from ATMs rather than through a teller are also on the rise – by 11% in the first quarter of 2020.

As for total transactions in digital service channels, these recorded a 12% year-over-year increase by end of the quarter. The increase in transaction amounts was 60% annually.

Telephone transactions have also increased by 20% year-on-year. Bank of Cyprus’ QuickPay payment service saw a spectacular increase of 120% compared to last year.

In addition, Bank of Cyprus has gone a step further in its efforts to protect the safety and health of customers and staff by the coronavirus outbreak and offered free subscription for the first year for issuing new debit cards. As well as zero charges to new card holders aged 18-25, up until May 31, 2020.

That is customers applying for a new Debit Card (Visa Classic Debit & MasterCard Classic Debit) between April-May 2020 will be offered one year free subscription.

As for Hellenic Bank’s digital channels, there has been a 25% increase in recent days. An increase was also recorded in the use of ATMs compared to branch visits. Hellenic Bank also reminded that it is the first bank where one can subscribe to its digital channels without having to visit one of its branches and without any physical contact through www.hellenicbank.com/connect.

By submitting a simple online application, interested parties can access and manage personal accounts and cards without having to go to a branch. In addition, Hellenic Bank issues free debit cards to customers who do not have one already, without them having to go to a branch.

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