On 19th October 2023, the Central Bank of Cyprus (CBC) launched a digital on-boarding project. Led by Governor Konstantinos Herodotou, this initiative aims to simplify customer identification for banks. It promises a swift, efficient customer service experience.
The digital on-boarding initiative is designed in three pivotal phases:
- Remote Customer Identification:
- This phase enables remote electronic submission and verification of customer data. It makes updating existing customer information easy. No need for physical presence.
- Integration with State Services:
- The second phase creates a seamless connection with state services. It aims to speed up the ‘Know Your Customer’ (KYC) process. This means faster, more accurate customer identification.
- Information Sharing Among Institutions:
- The final phase fosters a collaborative environment. Verified customer information is shared among participating credit institutions. This simplifies account transfers upon customer requests.
Prominent banks have joined this initiative. They include Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, Astrobank Public Company Limited, Cyprus Development Bank, and Eurobank Cyprus. Their involvement signifies a collective effort to modernize Cyprus’s banking sector.
Invitation for Participation
The CBC invites all credit institutions within Cyprus to join this project. Its voluntary adoption is set to modernize the banking sector. It aims to simplify procedures and enhance service quality across the board.
A Step in The Right Direction
Recent years have seen a tedious onboarding process in banks. It’s been time-consuming with a lot of documentation required. This has deterred many of our clients from using banking services in Cyprus. This new initiative by the CBC is a hopeful step towards alleviating these challenges.
The Digital On-boarding project by the Central Bank of Cyprus is an exciting move. It opens doors for a more streamlined and customer-centric banking experience in Cyprus.