Logicom Solutions presented the 6th Cyprus Banking Forum, held on Wednesday 5th December at the Hilton Park Hotel in Nicosia. The forum, which has addressed the interests of the C-suite of the Banking Institutions in Cyprus titled 'The Era of Evolution.'
The event provided an overview of the latest disruptions in the banking sector today, as well as, a glimpse into the future of the banking ecosystem. It covered themes such as 'The European Banking System,' 'The Evolution of the Banking Ecosystem,' and 'Banking Innovation, Disruptive Ideas & Trends,' and also included a panel discussion with representatives from all major banks in Cyprus. A stellar line-up of speakers from both Cyprus and abroad presented their ideas and participated in an open discussion with attendees, including Logicom Solutions' Head of Analytics and Digital, Nikolas Anastasiou, who spoke on the topic of 'The New Era of Customer Focused Innovation in Financial Services.'
Faced with an ever-changing financial landscape and an inevitable 'out with the old, in with the new' attitude, the banking industry is faced with the challenge of adapting to new technologies or innovating in its existing structures in order to enter the new era of the global economy. The Cyprus Banking Forum offered insights on these new developments and innovations, as well as, an insightful discussion on the past, present and future of the industry, through a panel facilitated by Logicom Solutions, which highlighted through real-life examples the importance of digital transformation in Banking.
Logicom Solutions' Business Consulting Services Director, Chrysostomos Kridiotis, was chairing the Forum. Speaking on the future of the Banking Industry, he said: "Many banks today are facing profitability pressures. Deterioration in asset quality and capitalization challenges continue to plague many banks. Moreover, the introduction of digital "banks" and, in general, FinTechs, has intensified competition, by providing a more appealing customer experience, as well as, faster and cheaper services. Banks in Cyprus are focusing their efforts on digital development to be in a better position to face these impending challenges. As the traditional banking models are facing pressures, digitalization provides them with the greatest opportunity to reinvent themselves. Technology-enabled trends, such as Cloud computing, analytics, robotic process automation (RPA), blockchain, the Internet of Things (IoT) and artificial intelligence (AI) will individually, as well as collectively, drive this transformation process, and this is what the conference will be focusing on."