Eurobank plans €1 billion technology investment through 2028

Nicosia, Cyprus. Eurobank said on Friday it will invest about €1 billion between 2025 and 2028 in Banking Forward, which it described as the largest technology investment programme in the group’s history.

The programme aims to expand digital services and redesign customer interactions by combining digital banking with human contact.

Technology strategy

Eurobank said Banking Forward is focused on technology, data and artificial intelligence and is intended to create a “phygital” model combining the speed of digital channels with face-to-face interaction.

The bank said the programme will redesign customer journeys for individuals and businesses.

Its technology strategy is based on three areas: Cognitive, Conversational and Commercial.

The Cognitive element uses data, technology and artificial intelligence to improve the bank’s understanding and prediction of customer needs. The Conversational element is intended to simplify interactions and complex banking procedures.

The Commercial element aims to broaden services offered through digital platforms by connecting banking and non-banking services within wider digital ecosystems, according to Eurobank.

Digital customer activity

Eurobank said 96 per cent of its transactions are carried out digitally.

It added that 61 per cent of digital transactions take place through the Eurobank Mobile App, while digital transactions among customers aged up to 35 account for 94 per cent.

The bank also said its customers generate about 574 million logins to e-Banking and Mobile Banking services annually.