According to Phivos Stasopoulos, Chief Banking Officer at Hellenic Bank, the future of the banking sector will be characterized by fewer and larger banks, the solidification of digitization, and intense use of Artificial Generative Intelligence.

During his speech at the 11th Banking Forum & Fintech Expo, Mr. Stasopoulos discussed the challenges facing the banking sector, highlighting the paramount need for continuous evolution and enhancement of customer experience.

He noted that the emergence of Neo Banks has intensified competition for traditional banks, prompting them to accelerate their technological evolution. On the question of which will prevail, Mr. Stasopoulos mentioned that Neo Banks face two major challenges: attracting and retaining new customers, and becoming profitable, as they often start with zero charges and promotional activities, like offering €100 for each new customer, which usually results in initial losses.

Mr. Stasopoulos remarked that Neo Banks are more a motivation for improvement than a threat to traditional banks and predicted potential future acquisitions as the latter seek to acquire the former's expertise and advance their digital transformation.

The Chief Banking Officer at Hellenic Bank also referred to modern banking trends, noting the existence of fewer and larger banks. He added that the establishment of banking digitization and the use of artificial intelligence are two more characteristics that we will see in the future, while personalized banking experience is becoming a priority.

He further mentioned that Hellenic Bank is developing smart tools aimed at better serving customers, automating processes, and improving the experience in credit facilitation matters.

Lastly, during the event, smart banking, the digital transformation of banking services, and how the new generation of customers will interact with financial institutions were analyzed during a panel discussion featuring Christos Eotzourian, Head of Technology and Digital at Hellenic Bank.