The Banking Executive - Decemebr 2021, Issue 156

ISSUE 156 DECEMBER 2021 the BANKING EXECUTIVE 33 In fact, we have scrupulously fol- lowed the directions of the Ministry of Health such as social distancing and often went above and beyond by applying extra precautionary proto- cols for both our staff and our clients. 4. TRIGGERED BY COVID-19, DIGITAL TRANSFORMATION HAS BECOME AN IMPERATIVE NECES- SITY RATHER THAN JUST BEING INNOVATIVE NECESSITY. WHAT SERVICES IS ASTROBANK FOCUS- ING ON IN THE FIELD IT INFRA- STRUCTURE, INFORMATION TECHNOLOGY SYSTEM AND DIGITAL BANKING SERVICES? AstroBank considers digitalization to be one of the most important pillars of its strategy. Soon after we acquired the Bank, we launched the mobile payment system, “sKash” and started working on improving our digital platform. This platform already offers a fully integrated web based, user- friendly environment through which one can perform all banking opera- tions, read the recent news concern- ing the Bank, read about the Bank’s real estate properties offered for sale and proceed with utility payments among other things. Additionally in 2020, we launched our paperless cashier service at all our branches. All documents provided on over-the- counter transactions are signed elec- tronically and statements are sent to the customer’s email. Our goal over the next few months, is to be able to implement a compre- hensive Artificial Intelligence based network of services, ranging from client onboarding to credit analysis, retail, compliance, and all other business avenues that could benefit from automated handling. 5. HOW CAN THE CYPRIOT BANKING SECTOR AND SPECIFI- CALLY ASTROBANK ASSIST IN REVIVING THE LOCAL ECONOMY AND ATTRACTING FOREIGN INVESTMENTS? In the post pandemic period, we will undoubtedly witness strong eco- nomic growth. Banks have to stand ready to accompany, encourage and sustain this movement especially by providing facilities to small and medium-sized enterprises. Simulta- neously, we must generate innova- tive and creative ways to help existing customers who suffered from the crisis regain a foothold in their re- spective business sectors. This means adopting an intelligent, outside the box approach to handling non-per- forming exposures and loan restruc- turing initiatives. Regarding foreign investments, Cyprus is and will remain a very at- tractive destination, with a lot to offer. It is a European Union member state, it is well-run, it is stable, it has a relatively efficient and predictable tax system, it has signed sixty-seven Non-Double Tax Treaties, authorities are investor-friendly, the workforce is educated, and it has some very promising prospects with probable gas discoveries in its maritime zone. To top it all, the quality of life on the island is exceptional. AstroBank and I personally never miss an opportunity to promote Cyprus both locally and abroad.