The customer base of the Bank of Cyprus that utilizes its digital channels for transactions has been consistently growing over the years. According to the financial results presented for 2023, as of December 31, the digital community of the Group expanded to over 450,000 active subscribers. This includes users of both Internet Banking and the BoC Mobile App, marking an annual increase of 9.4%.

Additionally, as of December 31, 2023, the BoC Mobile App alone accounted for more than 410,000 active subscribers, witnessing a substantial annual increase of 14.4%.

It's noteworthy that this app is a central pillar in the Group's ongoing efforts to improve, expand, and upgrade its digital services. This ensures that every customer interaction exemplifies the Group's commitment to digital excellence.

One of the Bank of Cyprus's latest digital innovations is QuickLoans. Available through both the BoC Mobile App and Internet Banking, QuickLoans have transformed the traditional lending process. They offer customers immediate credit facility decisions without the need to visit a branch.

Since the beginning of 2023, the Bank has processed over 33,000 applications, resulting in new lending of €100 million to 16,000 customers.

The implementation of a digital signature function in July 2023 further simplified the lending process. It enables Bank of Cyprus customers to apply for, sign, and disburse personal loans up to €15,000 and car loans up to €35,000 effectively.

In collaboration with General Insurance, the Bank has integrated the ability to purchase insurance plans into the BoC Mobile App. This allows customers to access car and home insurance plans at lower prices than those available in-store.

As a result, digital sales of insurance plans for the year ending December 31, 2023, totaled €415,000, compared to €68,000 for the previous year. This reflects approximately 1,400 new contracts in 2023, in contrast to about 230 new contracts in 2022.

Also of note is that throughout 2023, 95.6% of transactions involving deposits, cash withdrawals, and internal/external transfers were conducted through digital channels. This is a significant increase from 83.8% in June 2020.

Additionally, for the year ending December 31, 2023, account openings through digital channels increased by 108% year-on-year, to 9,715 from 4,667 in 2022. Similarly, new debit card issuances through digital channels rose by 156% on an annual basis, to 11,536 in 2023.

The Bank of Cyprus, through its financial results, expresses its intention to continue its digital transformation. It aims to offer an increasing number of services through its digital channels.

The Group, a pioneer in digital innovation in Cyprus, is reshaping the banking experience to meet the modern needs of its customers. The goal is to continue innovating and simplifying the banking journey, providing a unique experience tailored to customer needs.

In this context, during the fourth quarter of 2023, the Group continued to expand and improve its digital portfolio by adding new innovative services for its customers.

"The redesign of the digital flow for Home Insurance through the BoC Mobile App, aimed at improving user navigation experience, will lead to a significant increase in customer interaction and higher adoption and sales rates," the Bank emphasizes. Additionally, a new feature, "Card Details View," has been implemented in the BoC Mobile App. This feature provides users with greater control and access to key payment information, including card number, expiration date, and CVV, directly through the app.

Moreover, the Bank of Cyprus, in partnership with the Ministry of Culture, introduced the Youth Culture Card. This transformative initiative aims to promote young people's participation in the country's cultural events.

The Youth Culture Card, aimed at individuals aged 18 and over, is a prepaid debit card with a credit of €220. This amount allows beneficiaries to participate in or attend a wide range of cultural events throughout the year.