Bank of Cyprus
The Cash-heavy Path Towards Digitalisation
Bank of Cyprus (BoC), the largest financial institution in Cyprus, serves a diverse customer base with varied needs in a cash-reliant economy.
Business Objectives
BoC, in partnership with Sesami and Printec, implemented a suite of self-service solutions to expand digital banking, aiming to enhance customer experience and compliance through ongoing investment in automation to support growth.
The Challenge
BoC, while committed to digital transformation, faced high cash demand in Cyprus, straining branch operations, so it implemented self-service solutions aiming to improve operational efficiency, reduce waiting times of queues, optimized workforce allocations , and accessibility via extended service hours.
The Solution
BoC deployed Sesami’s range of self-service devices to 35 branches (out of 54) within 3 years crucially targeting branches servicing a high concentration of businesses deposits of cash and cheques.
The Results
Optimizing workforce allocation
BoC now operates with only a quarter of its previous teller staff, allocating staff in sales as well as decreasing the payroll costs significantly.
Branch Efficiency
Even in the busiest branches, the bank had managed to optimize the number of tellers needed (up to 2 cashiers) since most business deposits are done via self-service.
High Self-Service Adoption
By 2024, 82% of deposits were processed through self-service machines, minimizing over-the-counter transactions.
Business Objectives
In partnership with Sesami and Printec, BoC implemented a suite of self-service solutions to drive their Digitalisation Strategy, which focuses on expanding digital channels across all banking services to meet rising customer demand and adapt to evolving consumer expectations. The bank will continue to invest in digital services and automation, ensuring that customers will be offered an enhanced and seamless experience.
Challenges
High Cash Demand in a Digitalizing Economy
Although BoC is committed to digital transformation, the Cypriot economy remains predominantly cash-oriented, despite the increasing adoption of mobile applications and internet banking. Business customers still require lowcost cash and cheque deposit and change withdrawal services at their convenience.
Operational Strain on Branches and Staff
Before implementing our solutions, high demand for cash services placed a significant burden on branch staff. Long queues and teller involvement in manual cash-handling tasks reduced efficiency and increased staffing costs.
Enhancing Access to Efficient, Customer-Centric Services
To meet the needs of business customers, BoC required solutions that could process high volumes of cash and cheques while minimizing downtime, ensuring reliable access to cash services throughout the day. This was part of their digitalisation strategy, driving BoC through a branch transformation process where all cash and admin-heavy processes are migrated to self-service and staff can focus on providing exceptional customer service to their customers.
"Our partnership with Sesami and Printec has been instrumental in transforming our branches, allowing us to advance our digitalisation strategy while enhancing efficiency, meeting customer expectations, and maintaining seamless access to cash services. The Sesami devices not only look great but have proven to be reliable, hard-working machines that respond exceptionally well to the intensive use our customers demand, ensuring smooth operations even during peak hours."
— Panicos Athanasiades,
Manager of Business Development & Transformation at Bank of Cyprus
Solutions
To tackle these challenges, BoC deployed Sesami’s range of self-service devices to 35 branches (out of 54) within 3 years. Crucially targeting branches servicing a high concentration of commercial businesses.
- CDi-L (Coin Deposit Machine): BoC has installed this solution in 34 branches, allowing all customers to deposit coins efficiently. 20 of the 34 units are heavily used, so much so that they fill up two coin bins daily in peak periods, where CIT swap easily and securely, without branch involvement.
- BCi-L (Business Change Machine): BoC has installed 9 machines within their largest branches. This solution is dedicated to business customers and dispenses change in rolled coin, loose coins and banknotes. Customer adoption this service was so high, BoC had to introduce measures such as limiting withdrawals to €500.
- XDi-L (Bag Deposit Device): BoC has installed 43 machines within 35 branches. In certain branches, the usage level is so high, BoC had to install two machines to service customer demand. This solution enables business customers to deposit cash safely and efficiently at the end of the day. Cash & cheques secured in a tamper-evident bag, cash exposure is minimized, and the deposit is traceable via barcode. This means business owners can delegate high-value cash deposits to their trusted staff.
Results
Since implementation in 2018, the ROI from these solutions has been extremely positive since it was a key enabler for the significant reduction in teller resource within the branch. BoC is currently operating with approximately one-quarter of the teller staff it employed five years ago, resulting in significant payroll cost savings.
The bank successfully reallocated staff from operational roles to customer-facing sales functions, enhancing its capacity for cross-selling and upselling banking products.
Over the last 3 years, BoC has migrated the vast majority of business banking transactions to self-service. During 2024, 82% of deposits were handled by the XDI-L and only 18% over the counter.
The Benefits—For Customers & Investors
The partnership between Bank of Cyprus and Sesami demonstrates the potential of self-service solutions to transform traditional banking operations. By automating over-the-counter cash handling tasks, BoC not only improved efficiency but also enhanced customer satisfaction. With substantial cost savings, reduced teller involvement, and a tailored approach to cash management, BoC sets a strong example of how banks can balance digital transformation with cash accessibility. As it continues to refine and expand its services, BoC is well-positioned to meet the evolving needs of its customers and maintain its leadership in the Cypriot banking sector.
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