Artificial intelligence is set to play an increasingly central role in Greece’s banking sector as lenders expand digital services and develop AI-powered customer support tools designed to streamline everyday banking.
Digital transformation has been a strategic priority for Greek banks for more than a decade, but progress accelerated significantly during the COVID-19 pandemic. The need for remote banking services prompted a rapid shift toward digital platforms, allowing many services that were previously available only in physical branches to move online.
Between 2020 and 2022, banks invested approximately €1 billion in digital transformation projects. Since then, spending has continued to rise, with annual information technology investments across the sector now estimated at around €800 million.
According to the report, Greek banks are also facing growing competition from international fintech companies, whose advanced digital platforms and online services are putting pressure on traditional lenders to innovate more quickly.
Digital Banking Becomes the Standard
The industry’s current strategy focuses on creating a seamless customer experience across both physical branches and digital channels, enabling customers to complete most routine banking tasks remotely through online and mobile banking.
Banks aim to offer all standardized products digitally, freeing up employees to focus on more complex financial services, including long-term savings plans and large loan applications. These consultations can also be conducted remotely through video calls.
The shift has already produced measurable results. In some product categories, more than 80% of standard banking services are now delivered through digital channels without assistance from bank staff. Customers can also complete a wide range of account, card, and security-related tasks online, while mobile banking has overtaken traditional web-based banking as the primary customer channel.
AI Assistants and AI Agents
The next phase of digital transformation centers on artificial intelligence.
Banks are already deploying AI-powered virtual assistants through online chat services, allowing customers to type questions and receive automated responses. Some institutions have even given these assistants names, such as “Eva” and “Sophia,” to create a more natural conversational experience.
According to a banking source cited in the report, these chatbots represent only “a very small step” toward broader automation.
The next generation will rely on AI agents capable of understanding natural language, communicating more effectively with customers, and carrying out banking requests on their behalf.
Several major Greek banks have already partnered with technology companies to develop voice-enabled AI agents. These systems are expected to reduce waiting times at call centers and eliminate complex phone menus by allowing customers to describe their requests in their own words.
Initially, AI agents are expected to handle tasks including password resets, reporting lost cards, adjusting transaction limits, tracking applications, transferring money, and making payments. Banks expect the range of available services to expand over time.
Eventually, the same AI-driven experience is expected to extend across all banking channels, with particular emphasis on mobile banking. Rather than navigating through menus and buttons, customers will be able to speak or type a request, and the AI agent will either complete the transaction or provide clear instructions.
Human Advisors to Remain Central
Despite the rapid adoption of AI, banking executives emphasize that employees will continue to play a key role in customer relationships.
According to banking sources, trust is built through personal interaction, whether in person or over the phone, particularly for complex financial products that require professional judgment and generate much of the sector’s revenue.
They also note that bank employees will continue to intervene whenever a case requires judgment, negotiation, or empathy. AI is expected to support staff by gathering information in advance, allowing customers to avoid repeating their issue.
Banking sources acknowledge, however, that wider deployment of AI also carries risks. Concerns over inaccurate responses or mistakes involving transactions with significant financial consequences have slowed broader implementation, limiting AI’s role so far primarily to customer support and internal staff assistance.
