E. Panagiotou: Competitive advantage for the National Bank the Transformation Program

The Transformation Program has emerged as an important competitive advantage and tool for the National Bank, as stated by Ernestos Panagiotou, General Manager of Transformation, Strategy & International Activities of the National, within the framework of FIN FORUM 2022.

In particular, he explained how the Transformation Program has helped the Bank to develop its commercial and operational model, and to achieve its financial goals over the last three years.

At the same time, Mr. Panagiotou emphasized the decisive confrontation of the challenges of the past – the reduction of the non-performing exposures index (MEA) from 41% in 2018 to 12% in September 2021, as well as the reduction of the cost index to main revenues from 70 % in 2018 to 50% in September 2021. Especially for red loans, he stressed that the National Bank is nearing the end of its balance sheet consolidation, aiming at a low single-digit MEA index by the end of 2022.

He pointed out the firsts brought by the digital channels of the National Bank, the significant increase of digitally active customers from about 1 million in 2018 to 2.5 million in 2021, as well as the reduction of transactions in the bank’s branches by 20% of the total in 2018 at just 4% in 2021.

Looking ahead, Mr. Panagiotou described 2022 as a pivotal year, during which the National Bank will focus even more on improving the experience of its customers – individuals and companies – in all channels. To support the changes in the front line, he said that the Bank will make significant new investments in technology in the context of its digital transformation, processes and human resources. Finally, he stressed that ESG issues are already an integral part of the corporate image, strategy and Transformation of the National Bank.