The importance of having access to services of the financial system all individuals and businesses, regardless of social or financial status, was underlined by the General Manager of the National Banking Banking BankChristina Theofilidis, speaking on the 10th Delphi Economic Forum.
In particular, Ms Christina Theofilidis said that access creates a more durable and fair economy and reinforces the role played by banks and state institutions in this direction. As Mrs Theofilidis pointed out, using technology, banks’ customers have better and immediate management of their finances, acquire new products, make payments or transfer money more easily than ever. The concept of financial inclusion, it is said, focuses on combating the exclusion of the financial system, so that everyone can access services such as bank deposits, loans, insurance and other financial services.
In this regard, as he typically stated, technology, innovation and education have the potential to change the way financial services are offered, facilitating access to individuals and communities traditionally excluded from the banking system.
“Banks have the responsibility of financial inclusion in their DNA. It concerns us all, as it is an essential ingredient for creating a more durable and more fair economy. For us, at the National Bank, it is not just our debt, but our purpose, “he said.
The process, in order to participate in more and more social groups in banking and to become familiar with new technologies and products, is achieved, according to the National Bank of Retail Banking Manager, through:
Digital platforms and applications that facilitate access to services such as deposits, payments and lending, and even in areas with limited access to natural banks.
Development of special technologies for population groups with access difficulties such as applications and ATM’s with Ottoes more easily visible than visually impaired customers, vocal guidance and more.
Development of artificial intelligence and alternative data for population groups with financial status restrictions to evaluate their credit rating without traditional credit history, thus expanding access to lending.
With particular emphasis on young people, Mrs Theofilidis stressed that the financial inclusion presupposes that clients are no longer only recognized on the basis of value but also on the needs and common characteristics. “Young people are an audience that we have to approach and include in our clientele, in a way of acceptable and understandable to them. It is worth mentioning that for the first time, National created products and services, with an approach to the youth audience purely “its own”, with the aim of highlighting that managing its finances is simpler than he imagined. And to this end we have invested and created a special application, the NEX, “he noted.
At the same time, the contribution of the educational programs is equally important. “Through research we have been doing in recent years, we see that, unfortunately, there is still a question of financial illiteracy in our country. When you are not aware, there is a feeling of fear and inability to manage your finances. The financial inclusion, therefore, is not only about providing access to financial services, but also to ensure that customers have the knowledge and skills to use them effectively, “he said.
The point in these programs, as he pointed out, is to address in a way that is understandable by everyone. Characteristically, she referred to the National Bank program “Learn with the National”, which aims to inform and train its customers about digital banking services and products, as well as conducting appropriate targeted research, such as applied academic research through the concept program, which is funded by the bank.
In closing, Mrs Theofilidis, referring to state institutions, pointed out their key role in enhancing financial education. This could be done through the integration of Financial Education in school curricula, a national strategy to promote financial alphabetism and inclusion, as well as the creation of a regulatory framework that protects consumers and at the same time encouraging innovation.
“We are always willing, and I believe on behalf of everyone, to work with state institutions and other bodies to promote financial inclusion, which can only have positive results for the industry,” he said.