CBC to promote client digital on-boarding and reviewing to streamline banking operations

Constantinos Herodotou, the Central Bank Governor, announced the CBC will set up a digital client on-boarding and reviewing programme, in a bid to streamline banking operations addressing complaints by the Cyprus business community over time-consuming procedures in setting up bank accounts or updating client data.

The solution was undertaken by the CBC Governor following contacts Herodotou had with the CEOs of the Cypriot commercial banks, their head of compliance divisions and Cypriot business associations.

In a press release issued today, the CBC said the preparatory work by the CBC technocrats and contacts with the commercial banks is well underway, noting that a tender will be launched in the coming period.

“The completion of the digital on-boarding will constitute a significant step for the further modernization of the banking system which would be conducive to better servicing of clients, both retail and corporates, something which is our permanent and high priority,” Herodotou said in a statement.
 
According to the CBC, this digital solution aims to assist businesses, self-employed persons and households by reducing the time consumed in banking operations and by significantly upgrading the speed and quality of the service, while improving the banks’ efficiency and at the same time safeguarding compliance with to European regulations.
 
The CBC added that Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, Astro Bank, the CDB, Eurobank Cyprus and RCB will participate in the project, while the remaining licensed institutions will be called on to join safeguarding a transparent level-playing field.