Source: cyprus-mail.com
Eurobank highlights AI and cloud investment in digital banking push
Eurobank on Friday said it is investing about €1 billion between 2025 and 2028 in what it described as the largest technology investment programme in the banking group’s history, as it seeks to expand digital services and redesign how customers interact with the bank.
The initiative, called Banking Forward, is described by Eurobank as a strategy focused on technology, data and artificial intelligence, with the aim of combining digital banking with human contact.
According to the bank, the programme is intended to create a so-called “phygital” model, combining the speed of digital channels with face-to-face interaction while redesigning customer journeys for individuals and businesses.
“The Banking Forward programme is the largest technology investment programme in the history of the Group,” Eurobank said.
The bank added that its technology strategy is built around three areas, which it calls Cognitive, Conversational and Commercial.
The Cognitive element uses data, technology and artificial intelligence to improve the bank’s understanding and prediction of customer needs, while the Conversational element is intended to simplify interactions and complex banking procedures.
The Commercial element aims to broaden the range of services available through digital platforms by connecting banking and non-banking services within wider digital ecosystems, according to Eurobank.
Eurobank said the shift towards digital banking was already reflected in its customer activity, claiming that 96 per cent of its transactions are carried out digitally.
The bank added that 61 per cent of those digital transactions take place through its Eurobank Mobile App, while digital transactions among customers aged up to 35 reach 94 per cent.
Eurobank also stated its customers generate about 574 million logins to e-Banking and Mobile Banking services each year.
Daily digital transactions, meanwhile, exceed one million, according to the bank.
During the first half of 2026, one in three banking products was acquired digitally, Eurobank said.
The bank also highlighted the growing role of artificial intelligence, particularly generative AI, in its technology strategy.
“Artificial intelligence, and particularly Generative AI, plays a pivotal role in this change of era,” Eurobank stated.
The bank pointed to EVA, its digital assistant for customers, as one example of its use of artificial intelligence.
It further mentioned that myEVA operates as an AI voice assistant for employees, while artificial intelligence is also being used in areas including mortgage assessment, analysis of customer feedback and the processing of contractual documents.
Eurobank explained that its wider technology architecture is based on five interconnected pillars operating as a single ecosystem.
The Digital Layer includes customer-facing services such as the Eurobank Mobile App, e-Banking and v-Banking, while the Customer Experience Orchestration system is intended to provide a consistent and personalised experience throughout different customer journeys.
The Data & AI Platform is designed to turn data into information that can be used to provide what the bank described as more intelligent and personalised services.
At the centre of the technology structure is the Core Banking system, which supports the bank’s basic operations and is being developed through what Eurobank described as a flexible architecture capable of incorporating newer technologies.
The fifth element consists of Infrastructure & Cloud services, which Eurobank said provide the basis for the secure and flexible operation of its technology ecosystem.
About 50 per cent of the bank’s applications and digital channels are already operating in the cloud, according to Eurobank.
The bank said Banking Forward therefore went beyond simply introducing new digital banking tools, describing it instead as a broader redesign of its banking model.
“Banking Forward goes beyond a simple digital change in banking operations,” Eurobank said.
The programme, according to the bank, combines investment in infrastructure, new technologies and its workforce in an effort to develop what it described as the banking model of the future.
“The objective is to shape the banking of the future,” Eurobank said.
Eurobank said the programme placed the customer at the centre of its strategy, while technology, data and artificial intelligence were being used as the main drivers of the transformation.
The bank also said the combination of digital channels and human interaction was intended to respond to customers seeking banking services that are more immediate, straightforward and personalised.
It described the overall approach as a transformation of the banking experience, rather than simply a technological upgrade.