EUROBANK: The Greek bank transformed into a startup!

Lately, it hasn't stopped surprising us. Establishing a hybrid working model, investing in cutting-edge technologies, creating the Eurobank Hub and developing digital services. These are the most important of the actions that demonstrate in the most emphatic way that innovation characterises every aspect of Eurobank

Working remotely has been a quite popular and essential solution to manage the pandemic and to limit the spread of the virus. Remote working, however, is here to stay at Eurobank!

Recently, the bank announced the introduction of a hybrid working model, which makes it the first financial institution in Greece to implement, on a regular basis, a combination of work from home and work on premises for its staff! The innovative telecommuting policy has a dual role. First and foremost, promoting the wellbeing of employees, helping them to ensure a balance between their work and personal life. Also, in the context of corporate social responsibility, the adoption of teleworking helps to reduce the organisation’s environmental footprint by reducing, among other things, travel and energy consumption.

In line with the “Phygital mindset”, not only in the workplace, Eurobank is investing in new infrastructure to provide integrated, modern solutions, meeting customers’ needs as fully as possible. Its vision is to create a bank “open” 24/7, ready to serve customers at any time via mobile or computer, whether they are at home, in the office or on the road.

As part of the company’s digital transformation, Eurobank Hub was established in Nea Ionia, Attica. At the Eurobank Hub, technology and innovation are at the forefront, professionals with specialized soft skills and useful knowledge in the field of digital services collaborate with an extensive network of domestic and multinational IT companies, supporting and promoting the further development of the bank, which is so far active in six countries.

The 34,000 sqm “smart” building houses the Technology & Digital Hub, the organisation, the central services and functions, the financial services and the Eurobank training centre

“The Eurobank Hub facilities are the core of critical central and digital functions of the group, both within and outside the borders. The complex of buildings in Nea Ionia is home to 50% of the bank’s central services staff, over 2,000 people, who work in a space that is friendly to themselves and the environment, which is constantly being upgraded to the latest standards. Eurobank’s investment in cutting-edge technology is of course dynamic and long-lasting, with an investment programme of more than €200 million over a three-year horizon. The role of our partners, executives and teams, who with their talents, professional dedication and ethos, drive Eurobank forward every day and make us truly proud, is also always crucial”, said Stavros Ioannou, Deputy CEO, Group Chief Operating Officer (COO) & International Activities of the bank.

Leveraging modern technologies, Technology Hub members and partners are working feverishly to generate innovation. Currently, the bank has turned its focus to the new “black gold” of the age, namely data and its utilization. Eurobank seeks to build the most innovative data analytics platform, leveraging Cloud Computing and modern capabilities in terms of data and analytics.

But why does data matter so much and why should a bank invest in building cloud computing infrastructure?

The answer is very simple. Firstly, by utilising and processing customer data, Eurobank will be able to provide personalised services and solutions, “tailored” to the needs and interests of each individual customer. Secondly, this whole process helps in making better decisions and damage control. Through data management, useful conclusions can be drawn at any time about the business performance and customers, a particularly important aspect in business planning.

Case study

At the heart of the development of Eurobank’s digital ecosystem is the Digital Factory, which plays a key role in the creation of digital channels.

As an indication, it is worth mentioning that over 600,000 incoming transactions are executed through the digital channels per day, i.e. an average of 116,000 customers are served per hour. 94% of payments and transfers are made online, and 304 million logins are carried out annually on e-commerce platforms.

At the heart of the development of Eurobank’s digital ecosystem is the Digital Factory, which plays a key role in the creation of digital channels. As an indication, it is worth mentioning that over 600,000 incoming transactions are executed through the digital channels per day, i.e. on average 116,000 customers are served per hour. 94% of payments and transfers are made online, and 304 million log-ins are carried out annually on the e-Banking and m-Banking platforms.

Emphasis was also placed on cyber security, protecting personal data, transactions and information systems from ever increasing and changing threats. Security is a central priority for Eurobank and is inextricably linked to the Group’s technological upgrade.

The bank, of course, is not only focusing on promoting the digital transformation of the group, but also on the modernisation and digital maturation of small and medium-sized enterprises. It provides a comprehensive set of solutions in partnership with Microsoft, Info Quest Technologies and Epsilon Net to leverage the Digital Tools for SMEs programme of the Recovery & Resilience Fund to businesses operating in a wide range of industries. By joining forces with the three leading technology companies, Eurobank is supporting the digital transition of smaller businesses – ensuring that they have access to specialized information services on the process of joining the Program in order to receive the support. It also offers equally expert consultancy services to select the best practices according to the characteristics and needs of each business, as well as integrated packages of solutions to complete their digital transition.

digital ecosystemDigital FactoryeurobankinnovationSTARTUPTechnology & Digital Hub