Greek banks are currently designing new development models and orienting themselves toward fresh sources of revenue and profitability as their customer base changes rapidly. The shift is largely driven by the rise of electronic banks, which are gradually capturing market shares through modern investment banking strategies that attract deposits.
According to a report by Greek business outlet Newmoney, traditional lenders are beginning to rethink their operational strategies to keep pace with evolving customer preferences. While profits from core banking operations remain significant, the competitive landscape is changing, prompting banks to leverage their strengths against this new order.
Digital sales are becoming a focal point for banks that have yet to make this transition. With a reduced number of physical branches and staff due to voluntary redundancy schemes, these institutions are well-positioned to enhance their operational efficiency and meet customer demand for innovative services.
There is a growing appetite among customers for digital services, particularly within the investment and real estate sectors. Significant investments are expected as banks work to create user-friendly platforms that address existing challenges rather than complicate them. For instance, the National Bank has introduced a digital real estate platform called Uniko, designed to unify property transactions with modern banking support. This initiative aims to provide a comprehensive ecosystem for buyers and sellers, rather than merely functioning as a property listing service.
In addition to real estate, Greek banks are exploring opportunities within the cryptocurrency sector. Many clients are expressing interest in services currently offered by electronic banks like Revolut. The introduction of the new European Markets in Crypto-Assets (MiCA) framework has provided the legal clarity and regulatory security needed for traditional banks to offer regulated services in this domain. These services may encompass custody, trading, and token issuance, enabling banks to navigate away from previous legal uncertainties.
Large European banks are already taking strides towards integrating cryptocurrency trading and custody services into their offerings for both private and institutional clients. This trend is exemplified by institutions such as Deutsche Bank and Sparkassen-Finanzgruppe, which are developing regulated platforms for Bitcoin and Ether.
Another notable trend is the resurgence of banking partnerships aimed at issuing regulated stablecoins—digital currencies pegged to the euro. A consortium of major European banks, including ING and UniCredit, has created ventures like Qivalis, which focus on issuing euro-stablecoins under the MiCA regime. This initiative is geared towards establishing a stronger European digital payment instrument, reducing reliance on dollar-oriented tokens and bolstering the digital payment infrastructure.
Amid these developments, banks are also reviving partnerships with commercial enterprises to enhance their sales platforms. This strategy involves creating ecosystem partnerships that allow banks to reach consumers more effectively. A prime example of this is the collaboration between Piraeus Bank and Skroutz, which illustrates the concept of embedded finance, where funding is provided directly within the marketplace at the point of sale.
Furthermore, the evolving landscape has revealed a substantial need for insurance products, particularly in light of climate change and the limitations of the national health system. Banks are now working with insurance companies to design new products that cater to groups previously excluded from the private insurance market, featuring specific covers and tailored tariffs. This shift towards addressing high climate risks and mandatory insurance requirements is expected to facilitate significant growth in general insurance sales.
