Over 98% of customer transactions are not carried out in stores, while 30% of new retail sales are made digitally, Alpha Bank CEO Vasilis Psaltis, said, among others, during the presentation of the bank’s digital transformation, at the Grant Thornton Conference, “Future Unfold – Framing the Future of Technology”.
In his presentation, Alpha Bank’s CEO spoke about the opportunities and challenges of new technologies, both in the banking sector and in small and medium-sized enterprises, while also analyzing the transformation of modern businesses, in the light of the integration of new technologies.
The banking industry is changing – From products to experiences
Analyzing the impact of new technologies on the banking sector, Psaltis noted that banks are now called upon to transform themselves into intelligent organizations that understand and anticipate customer needs more deeply. “The core of banking is shifting from the product to the experience, from simple service to anticipating needs and from the role of ‘transaction intermediary’ to that of advisor and partner to the customer throughout his life, from the first savings account and the management of his assets as a whole, up to, of course, the formation of the conditions for maintaining his standard of living, after the completion of his professional career.”
In this context, the CEO of Alpha Bank highlighted that international organizations such as DBS, ING and BBVA have gained a significant competitive advantage thanks to the faster adoption of new technologies and added that “in banking, the delay in the adoption of artificial intelligence does not simply reduce competitiveness: it can nullify the viability of the business model itself. We are not only competing with other banks, but we are competing with the service levels set by big tech.”
Alpha Bank’s Strategy: AI that Empowers People
Referring to Alpha Bank’s strategy, Psaltis pointed out that the bank aims to become an AI-powered bank, where technology works for people and not the other way around. He presented specific progress data for Alpha Bank, noting that today, over 98% of customer transactions are carried out outside of branches, while 30% of new sales in Retail are made digitally, percentages that exceed the average of the Southern European banking system. Furthermore, these sales are based on personalized product recommendations generated by AI models and automatically downloaded to the Sales Network.
“Digital applications and artificial intelligence tools have been integrated into our bank’s operations for over a decade, but the real change came with the integration of Generative AI and Agentic AI, which created efficiency and productivity multipliers across the entire spectrum of our banking operations,” Alpha Bank’s CEO noted. “This allows us to upgrade the customer experience and enhance the efficiency of our people, freeing them from administrative burdens. For us, technology analyzes huge volumes of data and accelerates processes, but humans remain at the helm of decisions and customer relationships.”
Investments of over 100 million euros per year in new technologies
Regarding the extent to which investments in new technologies affect the competitiveness of businesses, Psaltis argued that investment alone is not enough, as technological maturity, organizational flexibility and continuous training of staff are also needed. “At Alpha Bank, we evaluate all new technologies in a timely manner, but we are in no hurry to fully integrate them if they have not proven their value and if we are not completely sure of their security. The adoption of new technologies is a strategic priority for Alpha Bank: in recent years we have systematically invested over 100 million euros per year in projects related to digital transformation, strengthening cybersecurity and the use of artificial intelligence,” Psaltis underlined.
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