Greek banks are adapting to the digital transaction race

In an environment of intense competition and increasing external pressures in the digital world of payments, Greek banks are called upon to adapt and make the necessary moves to avoid the loss of customers.

Ahead of the digital euro launch and concerns expressed by ECB experts over the risks posed by the rapidly growing stablecoin market for the Eurosystem, Revolut is coming to Greece.

With its valuation reaching 75 billion dollars, the No. 1 European digital bank has decided to establish its presence in the Greek market, as, in addition to the market share it has already acquired, it announced a few days ago the opening of a branch in Greece and the provision of Greek IBANs to users in the country.

In this context, Greek banks are addressing the Gen Z and Gen A audience, generations that know how to move mainly digitally, by launching new options in digital transactions that often provide facilities and services similar to those of foreign competitors in an effort to adapt their product range based on the needs of the future customer.

Greek banks’ moves

Piraeus Bank has already made its own move with the creation of the neobank Snappi, which is the result of its partnership with Nantech. The first Greek Neobank is already gaining ground in the Greek market, as, according to recent data, Snappi has over 30 thousand users, aiming to reach 100,000 by the end of 2025, as Snappi’s chief commercial officer has stated to “Ν”.

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On the other hand, Eurobank is also expected to make its moves in the digital payments sector, with investments in technology reportedly increasing to around 150 million euros. According to banking sources, Eurobank does not intend to follow the strategy of creating another neobank, but, as it does not wish to have leaks in its customer base, it will soon, as banking sources revealed to “N”, proceed with the creation of new payment programs that will provide services similar to those of neobanks, such as currency conversion, low commissions, etc.

Following a pattern that is similar to a neobank, National Bank has already moved on to Next by NBG, an application that offers services like those of foreign neobanks. For example, there is a fully digital and gamified onboarding with instant account opening, issuance of a debit and virtual prepaid card, while it also provides different onboarding levels that unlock privileges based on usage. At the same time, there is the “Refer a friend” service, where users can invite their friends to the application and earn money, a service that is also a feature of the well-known foreign neobank.