After the financial crisis in Cyprus country continuously tried to get over it by bringing some positive changes in the financial strategies. Cyprus faced challenges but got over it due to its large banking system. In 2019 Cyprus’ economic system was greater than other European countries. With the growth of the economy, unemployment is declining rapidly. The Cyprus banking system has demonstrated the ability to grow and adapt even during a comparatively bad financial year.
The banking system of Cyprus consists of domestic banks, international banks, and various branches. Along with traditional working methods Cyprus also operates under universal banking methods by providing universal products and services.
The banking system of Cyprus is greater than its economy. According to a 2010 report, the banking system holds 896% of total assets of Gross Domestic Product (GDP). Even though there are similar banking systems in EU countries the Cyprus banking system differs in two manners.
- Credit institutions owned by domestic organizations in the form of commercial and cooperative banks. They held 63% of total assets in 2009.
- Even though banks are smaller in size their large size GDP sets them apart from some greater banks.
Cyprus is one of the few companies that are domestically owned and are larger than their economy. The big three banks of Cyprus reflect the large banking system of Cyprus. By the end of the financial year of 2011, these three banks were controlling 56% of deposits and 48% of loans. These three banks provide various services and have widened the range outside the country.
- Marfin Popular Bank
- Hellenic Bank
- Bank of Cyprus
The central bank of Cyprus overlooks the private banks. It also supervises private bank’s working requirements to meet Bank for International Settlements standards. Statements of banks should be measured according to international standards which are audited by international auditors.
There are 19 banks that are overseen by Turkish Cypriots including Central Bank and Development Bank. Turkish Cypriot banks rely on their banking relationships for foreign money transactions. The technique of Cyprus’s bank with dealing customer’s issues professionally ensures the credibility of the institution.
Even though the banks are big and are well organized they face the risk such as systematic risk. In systematic risk, if a big bank faces some financial services issues it can negatively affect the country’s economy on a large scale. When financial services are temporarily available by these big banks the country faces disruption of flow in financial services. Even one day of denied services can cause great loss to the bank and services because they work on such a grand level.
Popular Money Tools in Cyprus
- Bank of Cyprus- The app makes everyday banking easier. With this app, transactions can be done in seconds without having to go through any trouble. The app works with the touch of a finger. Users can view snapshots of their finances and get useful information on their scheduled payments and net worth. In your app, all your account balances will be separately visible for example savings account, current account, and loans or credit card. Users can use the filters provided on the app to look for specific transaction histories. Users can save their favorite contacts to do the transaction quickly.
- Revolt- The revolt app sends a notification to users after every spending. It also helps users to stay within budget. App offers money exchange, travel insurance, and abroad money transactions. The platform allows users to analyze their spending and fix a financially balanced budget. Users can buy and sell cryptocurrencies like Bitcoin and Ethereum using this platform. In a way, this app has everything you can expect for.
You can exchange currencies, sell and buy cryptocurrencies, make donations for a good cause, and send money abroad. Users can set up a monthly budget to keep an eye on their spending.
- AstroBank Mobile Banking- Astrobank app provides users with safe and comfortable banking services. Users will get information about their transactions and the balance of their cards and accounts. Users will be able to locate nearby ATMs and bank branches using this app. Users will be able to make transactions between their own accounts and other party’s accounts.
- Alpha Bank CY- Users can log in to their Alpha Bank CY app using a password or their fingerprint. The application is available for mobile phones and tablets. The app help users manage their finances and provide ultimate flexibility. Users can get access to more tools and services from their app to get information about products and perform transactions. The app can receive data from your internet and SD card. It will also ask permission to access GPS.
- Eurobank Cyprus OTP- Customers can use this app for internet banking and transactions sent from other platforms. The app provides a one-time password so that users can perform transactions safely. The app requires you to look over your device identity and status. It will view your network connections and receive data from the internet.
In 2016 Association of Cyprus Banks (ACB) launched an initiative to provide students with financial education named ‘More than Money. The initiative teaches about money management. Since 2016 this initiative is continued to this day. ‘More than Money’ is implemented by the ‘Junior Achievement’ organization. The organization works under the Ministry of Education and Culture. Recently the initiative has been extended to more schools and educational institutions.
If you are thinking about opening a bank account in Cyprus then you have nothing to be afraid of. They provide various services and deal with their customers professionally. Bank requires customers to have trust in them otherwise their foundation will shakeup. The more competition banks have between them the more customers will get benefit from it. Banks continuously try to improve their services to attract a larger crowd of customers.