The 7th Cyprus Banking Forum was held on 29 November 2019 at the Landmark Hotel in Nicosia, Cyprus. This event brought together established peers from the financial services sector. It addressed the latest developments in the banking industry and provided an overview of today’s banking ecosystem. The attendees had an opportunity to discuss the up-to-date key strategic issues of importance to banking professionals including global and European banking trends, consumer and retail banking in Cyprus, and the role of IT in the Digital Transformation journey of banks today.
The audience consisted of Board Members, CEOs, CFOs, CROs, MDs, Finance Directors, CRM Managers, Marketing, HR and IT Managers and other senior executives in the financial services arena, ranging from commercial and retail banks, investment, fiduciary and law firms to insurance companies and asset management firms (pension funds, UCITS, AIFs), as well as representatives from relevant local competent authorities and state authorities.
Of course, the Cyprus banking system has several reforms underway with significant challenges ahead, considering the European macro environment and the local economy, as well as the recent crisis. Overall there is a new vision for the Cyprus economy with contribution from the banking sector: achieving accelerated growth until 2030. Increased regulatory and legal measures continue to tighten the banking industry, particularly through Client Due Diligence on-boarding processes, which must be streamlined for efficiency and risk purposes.
The ongoing transformation of the banking sector ultimately adds value to the customer. However, risks and challenges such as IT, Cybersecurity and Data Protection are critical for a successful transition into the next decade of banking. Nonetheless, new and emerging innovative technologies are expected to revolutionise the worldwide financial services industry. Needless to say that such competitive developments must contribute to a beneficial and smooth business relationship between banks and customers.