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Tuesday, October 3, 2023

Banks give importance to Online Banking

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The bank has become an extension of the consumer's hand and the smartphone has become a wallet

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According to a survey by the Cyprus Statistical Service for 2022, nine out of ten people in Cyprus use the Internet at least once a week. The most popular activities on the Internet in the first quarter of 2022 were messaging through communication platforms (91.9%), making calls over the Internet (91.4%), watching videos from sharing services (88.6% ), participating in social networks (87.0%) and searching for information about products or services (81.6%). Focusing on the last statistic, that is, people who are looking for information about products or services, they need a trusted, fast, modern and friendly ally so that their transactions can be completed easily and quickly.

On a technological level, the Covid-19 pandemic has highlighted the value of telecommuting and the value of processing transactions that can be done remotely. At the local banking level, bank customers entered a new reality, which brought them only positives, saving them time and money. Banks have invested in technology, bringing modern, friendly, easy-to-use applications and environments for their customers with upgraded features. All this effort backfired, since a large share of the banks' sales are now made by the alternative networks. No one imagined that technology would give customers the ability to schedule an appointment either in a bank branch visit online, or that they could advance the appointment digitally through special telecommunication programs. It is a “win-win” situation that generally moves the Cypriot banking industry forward, it is done based on all the standards of foreign major banks, reflecting the trends of 2023 and beyond.

Banks have made leaps and bounds in Mobile Banking in the last five years. The bank has become an extension of the consumer's hand and the smartphone has become a wallet. A successful recipe does not need to be changed and so Hellenic Bank decided to transfer the design and flow of the Hellenic Bank Mobile App to its Online Banking.

Hellenic Bank, as a traditional supporter of technology, invests once again in the optimal experience of its customers and the new Online Banking brings the entire bank a “click” away. Online Banking now has the same appearance and use as the Hellenic Bank Mobile App and thus everything becomes simpler. The user can in a few seconds create virtual cards for safer online transactions, activate or deactivate their cards, view or download or even save transaction data, print interest certificates and IBANs, create and modify term deposits, pay over 1,200 different types of bills and make free SEPA transfers for amounts up to 1,000 euros. Payments are always made safely and immediately.

Safety above all

The protection of the personal and sensitive data of Hellenic Bank customers is a top priority. The Bank uses data encryption according to industry standards, protection of the customer's account through the user name and password (which it recommends not to share), and automatic shutdown (time-out) in case of inactivity for more than 5 minutes. If the user forgets their passwords, or if someone else enters them incorrectly, the system will lock after three attempts (but the bank can be contacted to make the necessary arrangements through security systems).

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Source: www.kathimerini.com.cy

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