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P. Mylonas (NBG): In the near future the bank branches will be used only for the big decisions of the customer

The factors that will transform the banks in the near future, with a key element of innovation and technological development, analyzed CEO of the National Bank, Pavlos Mylonasfrom the podium of the Delphi Economic Forum, in a discussion he had with Mr. Marco Veremis, President of Upstream and partner of BigPi Venture Capital.

He stressed that in addition to technology startups, traditional large companies will have to move fast, invest in innovation, to evolve in today’s competitive environment and survive. At the same time, banks should not stand still, but invest in technology and change. The National Bank has already made a very big step of technological modernization by offering a very wide range of new competitive, innovative products in the Greek market.

Mr. Mylonas, as an important example of the new era for banks, pointed out the potential for exploitation and the prospects that open up in the field of data exploitation, as he underlined, banks have a wide variety of data for different industries and different customers. In the same context, he characterized the need for cooperation and alliances with fintech companies, for which he pointed out that they operate in a complementary and not competitive way with the banks.

He also noted that bank customers today do not want to visit the store, with the result that more than 95% of transactions are now carried out outside branches. In the near future, added Mr. Mylonas, the stores will be used only for the big decisions of the customer, such as the purchase of a house and investment-savings products. For this reason, banks are called upon to offer sophisticated digital services as the key bet is who will advise properly, while maintaining the relationship with the customer.

Regarding the financing of startups, the CEO of the National Bank, stated that it is more difficult for banks to support these companies by lending as the risk is not proportional to the return. Even the investment of banks in funds that participate in startups, is significantly burdened by regulatory funds. Banks, however, finance startups at a later stage of maturity and growth. They also support them by participating in European and co-financed innovation promotion programs.

But before we get to the funding, Mr. Mylonas sent the message of supporting talent and innovation in Greece, emphasizing the importance of investing in education and especially the need to connect educational institutions with companies.

As Markos Veremis, co-founder and CEO of Upstream, a partner at BigPi Venture Capital, pointed out, to date we have not given the emphasis we need. “We are still not in a position to invest in the future, but in the existing economy, which has proven to generate deficits. The institutional framework is sufficient, there is cross-party continuity, but the size is missing,” said Mr. Veremis. He argued that start-ups can play an important role in changing the mechanism of the Greek economy, characterizing their need for state funding. He added that Greece was too late to enter the field of technology and innovation, something that started just 7 years ago, with Venture Capital and 350,000,000 capital, which gave birth to companies worth 8 billion euros.

Source: Capital

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