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ARTICLE · 13 AUGUST 2024

The Challenge Of Traditional Banks To Stay Relevant

Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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Elias Neocleous & Co LLC

Elias Neocleous & Co LLC

Elias Neocleous & Co LLC (ENC) is among the largest firms in southeast Europe and the Eastern...

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Continuous technological progress has undoubtedly impacted the banking sector.

CyprusTechnology

Continuous technological progress has undoubtedly impacted the banking sector. This rise of financial technology (fintech) is a clear example, offering innovative solutions that improve the efficiency and accessibility of services, as well as the customer experience. As fintech companies capture a growing share of the market, traditional banks face both significant challenges and new opportunities to remain relevant in their processes, products and service offerings.

Cypriot banks must maintain high quality standards across all their processes, while also taking advantage of international trends and best practices adopted by other businesses and banks. This approach mirrors what fintech companies are doing, incorporating new technological developments and innovations to offer quick, personalised and user-friendly experiences.

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