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84.6% of Bank of Cyprus private customers are digital

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Digital των ιελτς ;απεζα Κyπρου /></p> <p> </source> </p> <p>Bank of Cyprus customers are increasingly moving away from bank branches and choosing alternative electronic networks and the digital environment in general for their transactions.</p> <p>According to the data provided in the financial statements for the first quarter of 2024, it appears that Bank of Cyprus customers are increasingly becoming digital, strengthening the digital transformation of the group.</p> <p>In March 31, 2024, 84.6% of retail customers chose digital channels over stores for their transactions (up 4.2 p.m. (percentage points) from 72.4% in June 2020).</p> <p>At the same time, <strong>in Q1 2024 account openings through digital channels rose 67% year-on-year to 4,171 from 2,502 in a’ quarter 2023, and new debit cards opened through digital channels grew 133% year over year to 4,617, compared to 1,979 in the same period last year.</p> <p>By March 31, 2024, the group's digital community has grown to more than 459 thousand active subscribers, both in Internet Banking and the BoC Mobile App, registering an annual growth of 7%. In addition, as of March 31, 2024, the BoC Mobile App had a total of over 420 thousand active subscribers, an increase of 11.2% year-on-year.</p> <p>The financial results state that <strong>one of the last digital innovations of the group are QuickLoans</strong>, which are available through both the BoC Mobile App and Internet Banking and have transformed the once traditional lending process, offering customers an instant decision on a credit facility request, without the need for a store visit. Since the beginning of 2024, over 9 thousand applications have been processed, offering new lending of €23 million during the first quarter of 2024.</p> <p>The digital signature feature was implemented in July 2023, which further simplifies the lending process, allowing customers to apply, sign and disburse personal loans up to €15k and car loans up to €35k, efficiently.</p > <p>In partnership with General Insurance, the ability to purchase 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.</p> <p>Digital sales of insurance plans for a’ quarter of 2024 amounted to €144 thousand compared to €62.5 thousand for a’ quarter 2023, reflecting 457 new contracts compared to 213 new contracts for the same period last year. of the Bank of Cyprus states that during the first quarter of 2024 the group continued to expand and improve its digital portfolio, adding new innovative services for its customers.</p> <p>Two new QuickPay functions, “account sharing” and the “payment request” were implemented in the BOC Mobile App, enabling users to share costs with others or request payments by just adding the contact number and the relevant amount. Customers can monitor payments, send reminders and/or cancel a request at any time via the app. Additionally, the ability to get a used car loan has been added to QuickCar Loans.</p> <p><noindex></p> <div class=Source: www.philenews.com

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