George Agioutantis on the main challenges to the banking sector and the power of technology

In a recent address at the 12th Banking Forum & FinTech Expo, George Agioutantis, CEO of the National Bank of Greece (Cyprus), highlighted the pivotal role of technology in transforming banking services.

He emphasised that technological advancements enable banks to operate more swiftly and meet customer demands effectively, offering round-the-clock services through various communication channels.

Agioutantis stated, "Technology empowers banks to move faster and respond to customer needs," underscoring the pressing need for continuous innovation.

He also stressed the importance of transparency in the banking sector, noting that customer trust hinges on clear and prompt communication. Ensuring strict data management processes is crucial for maintaining this trust, especially in the digital age.

Addressing global geopolitical risks, Agioutantis pointed to events like the US elections and tensions among major world powers as factors influencing market stability and the banking sector. He described the current period as one of both challenges and opportunities, calling for banks to demonstrate strategic resilience.

Looking ahead, Agioutantis highlighted the necessity of developing infrastructure for renewable energy sources to support sustainable growth.

He remarked, "The need for renewable energy sources is more pressing than ever. Banks must invest in strategies that will support the development of these sources," emphasising the significance of the green economy and sustainable development.

Finally, he noted that banks must adapt their services to meet the evolving needs and preferences of different customer generations, combining technological capabilities with banking expertise to understand and serve each demographic effectively.

(Source: InBusinessNews)