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Sunday, December 3, 2023

Bank of Cyprus: Digital banking has a name

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Quick Hub, the new innovative creation of the Bank of Cyprus technology team

Τραπεζα Κyπρου: Η ψηφιακor τ ραπεζικor Εχει oνομα

The Bank of Cyprus takes care to put words into action and thus manages to confirm daily the slogan that wants it to be present in every subsequent movement of its customers. The fast rhythms of everyday life impose simple and easy procedures in the service. Bank of Cyprus continuously invests in one of its major goals, which is to make the lives of its customers easier, offering them the speed and flexibility they desire through its digital channels. Using state-of-the-art technology, it continuously invests in renewing, improving, strengthening and enriching them with new innovative products and services, with the BoC Mobile App being at the forefront of digital service.

The adoption of digital products and services continued to grow and gain momentum. At the end of August 2023, 95% of the number of transactions involving deposits, cash withdrawals and transfers within and outside the Bank were carried out through its digital channels. At the same time, 83.44% of private customers choose digital channels over stores for their transactions in the reporting period, while active users in digital channels, Internet Banking and Mobile App reach 443,000.

< strong>Quick Hub

It is the new innovative creation of the Bank of Cyprus technology team, which has come to unite basic banking transactions with the digital world, thus offering a seamless digital experience. QuickHub covers 95% of banking products and services that can be used by any private customer of the Bank. It is a new, easy-to-use service, which in practice functions as a modern digital store. Through QuickHub, the Bank's customers can open an account, take out personal loans, make payments and money transfers, deposit checks or even insure their car and home.

Τραπεζα Κyπρου Η ; ψηφιακor τραπεζικor εχει oνομα

Easy and Quick… Loans

The revolution in banking came about a year ago, when the Bank of Cyprus launched its new innovative products. Making the most of technology, he created the so-called Quick Loans. A few months later, at the beginning of 2023, it gave all its customers the option of taking out a loan without delay and away from the queues of the shops. Quick Loans are now available to all its customers in all their forms, all they have to do is look for them in Internet Banking or the Mobile App, while the speed and frequency of visits by the Bank's customers to the QuickLoans web pages is constantly increasing.

Their appeal is now so great that it has exceeded all expectations. The fact that in just six months the numbers of the Bank's customer applications for Quick Loans have exceeded the goals that were set in a three-year horizon, proves on the one hand the dynamics of the product and on the other hand how much the world needs easy and quick solutions. Specifically, until mid-September the Bank has received more than 23,000 applications for all types of Quick Loans, while it has approved and granted a total of €71 million in financing.

In essence, existing and new customers of the Bank now have the possibility to apply for and secure a loan of up to €15,000 easily and quickly from their computer or mobile phone without having to visit any branch of the Bank. The request can be made at any time of the day, with quick and simple procedures. With specific criteria, and without the need to provide personal guarantees or other collateral, customers receive an automated decision on their request immediately on their screen. QuickLoans ensure timely and efficient service to the Bank's customers, as their use contributes catalytically to the simplification of bureaucratic and time-consuming procedures.

Electronic signature option

The convenience of customers does not end with the submission of the loan application but also continues, as they can sign their contract documents using an electronic signature. Specifically, upon approval of the application, customers receive a relevant informational message, both on their mobile phone and at 1bank. The use of an electronic signature is available, provided that certain conditions are met, for applications submitted through the BoC Mobile App and Internet Banking and does not carry any charge.

They cover all immediate needs

The speed of the loan approval process is one of the big demands for buying a new car. Now existing and new Bank of Cyprus customers can easily and quickly apply for and secure a Quick Car loan from €2,500 to €15,000 and very soon up to €35,000 for the purchase of a car through the Bank's digital channels, with the option of a fixed or floating interest rate. The interest rate is the same as the one offered in the store. Therefore it depends on the amount of the same contribution and on the type of car, if it is for example hybrid or electric and falls under the category of Green Cars. Until September 15, 147 applications for the purchase of a car had been approved and €1.9 million in financing was granted.

Easy, fast and simple is the procedure required to take out a personal loan from €500 to €15,000 to cover personal and emergency needs. For amounts below €3,000 the repayment period is three years and for amounts above €3,000 seven years. The interest rate is variable for the entire duration of the loan and no fees are charged in case of early repayment. This option is in huge demand as by September 15, 2023, 8,080 applications had been approved and more than €63 million in funding had been granted.

The options of Quick Loans are completed by the current account with a limit (Quick Overdraft) and the credit card (Classic Visa Credit, Classic Mastercard Credit and Aegean Mastercard), which give the possibility to secure €500 up to €5,000. By mid-September, the examination of 550 Quick Overdraft applications was completed and around €1.6 million was granted, while the examination of 2,322 Quick Card applications was completed and €4.6 million was granted.

The check wants… her photo

The process of depositing and cashing a check has ceased to be cumbersome with the use of the new innovative service “Depositing a Check”, which the Bank of Cyprus offers to its customers through the BoC Mobile App. The service enables existing and new customers of the Bank to deposit checks into their account safely and in a short time. All they have to do is take a photo of the check and follow some simple steps via their mobile phone to deposit it. The value of the check that can be deposited electronically is up to €2,000. The amount is available in the customer's account the next business day and not in two business days, as is done through ATMs. The service is addressed to the Bank's private customers, for Bank of Cyprus checks issued in euros.

The Bank of Cyprus is the only bank that offers this service in Cyprus and Greece, hence it has received a gold award at the Digital Finance Awards 2022. The “Check Deposit” service ranks Bank of Cyprus among a very small elite of banks in the European area that offer similar innovative and easy-to-use services to their customers.

You are in control. with MoneyFit

MoneyFit's new tool is gaining traction over time as more and more Bank customers recognize its contribution to controlling their finances. This is another innovative, ground-breaking tool, which is offered free of charge by the Bank and provides the ability to set a budget for better monitoring of expenses, notification of possible upcoming transactions, monitoring of total expenses and income by categories, notification of salary deposit and many more with a view to better financial management by the customer.

For payments you have QuickPay

The innovative QuickPay service, which does not need many introductions, was embraced by customers because it offers private subscribers, through the BoC Mobile App, the possibility to make their payments directly, easily and securely to other private customers of the Bank of Cyprus ( subscribers and non-subscribers) through the Mobile App from their mobile. QuickPay users can send via mobile up to €250 without a Single Use Code (Digipass) and for amounts of €250 or more using Digipass. The transaction is made with the beneficiary's mobile phone number only, without the need for them to know the account number or other banking information.

New Customer – Digital Onboarding

< p>In the new digital age, it is not at all difficult to become a customer of the Bank of Cyprus, if of course they wish to, in order to enjoy all the privileges it offers without the need to visit any of the Bank's branches. The process is simple. Customers can download the BoC Mobile App and opt for registration. Once all the necessary steps have been taken and upon receipt of their new card, they can connect to 1bank.

Home and car insurance

The easy purchase of security through the BoC Mobile App with the reliability of General Security, is another innovative venture provided to its customers by the Bank of Cyprus. Now they can arrange the security of both their car and their home from their mobile phone. All this with the guarantee and seal of comprehensive insurance plans offered by General Insurance and with 15% lower prices.

Jinius for business & lifestyle services

The Jinius platform forms with the power of the Bank of Cyprus the digital ecosystem of the Cypriot economy, connecting businesses, organizations, suppliers and customers in a single digital environment. In just a year and a half of its operation, it managed to develop a dynamic Business-to-Business range of services, offering businesses the possibility to do daily activities more quickly and efficiently. Its business services include invoice and payment management, bulk payments, digital tenders, as well as participation in a digital ecosystem that allows them to expand their business network.

The Jinius team is also working on creating further digital services that will meet the daily needs of consumers. Very soon it will launch the first Business-to-Consumer service, the Jinius marketplace, which is the starting point of an innovative range of B2C services. More than 1800 businesses have already connected to Jinius.


HEAD OFFICES: Stasinou 51,

2002, Strovolos, Nicosia

< p>Tel: 800 00 800

Email: info@bankofcyprus.com 


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Source: www.kathimerini.com.cy

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