CLOSE
Loading...
12° Nicosia,
09 March, 2026
 
Home  /  Comment  /  Opinion

Banks and artificial intelligence

AI has the potential to improve customer service while also increasing transaction security

Opinion

Opinion

by Yiannis Georgoulas

Artificial intelligence is a technology that is based on a machine's ability to perform procedures and make decisions based on data analysis and learning. In the banking industry, AI has the potential to improve customer service while also increasing transaction security.

It has redesigned the banking industry, from capital management to risk assessment to payment and customer management. AI technology enables banks to address human uncertainty and a growing customer base by providing more efficient and personalized services. AI can be used to analyze large amounts of data in real-time and identify patterns and statistics that will assist banks in making faster and more efficient decisions.  Banks, for example, can use machine learning algorithms to analyze data and improve forecast accuracy. Furthermore, artificial intelligence can be used to combat fraud. Technology has significantly altered the way banks operate and serve their customers.

Its use has increased the security of payments, improved risk management, and increased process efficiency. Finally, artificial intelligence can be used to improve the customer experience. Chatbots can help banks answer customer questions and provide information about their services. As a result, we can see that everything is changing for the betterment of citizens as a result of new technologies. What we must do is adapt as quickly as possible so that our banks can become pioneers in order to attract technology companies.

* Yannis Georgoulas works as a Strategy and Operations consultant.

TAGS
Cyprus  |  banks  |  AI

Opinion: Latest Articles

Marked by war and wildfires, Cyprus is still waiting for its life-saving warning system. Image is AI

If not now, when?

Three years after promises were made, the country remains without a mobile emergency alert system required under EU law.
Dorita Yiannakou
 |  OPINION
Beijing watches closely while Washington deepens its military and political commitments. Photo is AI

What might China be thinking?

China may be betting that another prolonged conflict will drain U.S. power and distract it from the strategic competition ...
Alexis Papachelas
 |  OPINION
A risky strategy aimed at regime change in Iran could reshape the Middle East. Photo credit: BBC

Trump’s proxy war moment

Washington is betting that airpower and internal dissent can topple Tehran, without sending U.S. troops into another Middle ...
Opinion
 |  OPINION
Officials praise their record but citizens see a widening gap between accountability and impunity.

Dangerous matters

The 'Golden Passports' verdict deepens public mistrust in Cyprus’s justice system.
Dorita Yiannakou
 |  OPINION
While historic homes fall to midnight demolitions, citizens and bicommunal initiatives struggle to defend the island’s shared heritage. Photo credit: @TCCHCyprus

The island is drowning in concrete

Unrestrained development is erasing Cyprus’s architectural memory, yet resistance is growing on both sides of the divide. ...
Apostolos Kouroupakis
 |  OPINION
From EU illusions to the normalization of partition.

Our bright future

The European “toolbox” has turned into a Turkish advantage.
Pavlos Xanthoulis
 |  OPINION
X