The need to rethink the relationship between banks and their customers at the level of strategic planning, functionality, systems, organizational structure and corporate culture was emphasized by HFSF Managing Director Ilias Xiruhakis, speaking yesterday at the 20th Bank Management Conference. , noting that the crisis decade has worsened the banking system’s relationship with customers and undermined confidence in both directions. “Following the recent remarkable macroeconomic and banking performance and the closing of the previous more than a decade of deep crisis cycle, it is time to reconsider the role of the customer in the broader business model of the banking system, placing the consumer as well as the entrepreneur as a raison d’être and not just a priority.” noted Mr. Xiruhakis, having designated as priorities of banks for the near future:

• Creation of a digital identity of customers to better understand their real needs.

• Investments in artificial intelligence technologies to collect real-time data from social media platforms and Voice of the Customer (VOC) programs to constantly match the customer’s identity with real data. This will improve customer service.

• Simplify and speed up decision-making on new loans for existing or new corporate clients and individuals.

The crisis decade has worsened the relationship between banks and customers, stressed in his speech at the 20th Bank Management Conference the head of HFSF, Il. Xiruhakis.

• Reduction of bureaucratic functions and interconnection with other collaborating bodies such as the state, other lending institutions and other related ecosystems.

• Personalized products – moving from products developed based on sub-categories of customers to products tailored to the individual needs of each customer. For example, by allowing shoppers to independently choose product features that fit their own consumption and behavioral profile.

• Optimize customer service by further strengthening online channels, for example by changing the interoperability of individual support systems.

• Reward loyal customers with refunds and other ways to encourage continued use of payment instruments.