Bank of Cyprus launches island’s first AI banking assistant

The Bank of Cyprus on Monday announced the launch of DANAI, the island’s first AI banking assistant, giving customers access to instant answers to everyday banking questions through its mobile application. The new service is available from the app’s home screen and operates 24 hours a day, seven days a week, providing customers with an additional way to obtain banking information whenever they need it. Customers can ask DANAI questions in natural language, without having to navigate different menus or sections of the app, the bank said. The assistant responds to common banking queries and is available in Greek and English. The Bank of Cyprus said the launch forms part of its continuing investment in technology aimed at making banking simpler, faster and more accessible. “We continuously invest in technologies that make the banking experience simpler, faster and more accessible,” said George Koushis, the Bank of Cyprus’ chief technology and operations officer. “With DANAI, we are becoming the first bank in Cyprus to offer an AI banking assistant to our customers, putting artificial intelligence to practical use in everyday banking services,” he added. Koushis said the service’s round-the-clock availability through the mobile app offered customers another easy and immediate way to interact with the bank. The launch also marks a step towards the adoption of agentic artificial intelligence, a technology approach involving AI systems that can carry out tasks with a degree of autonomy. “Today’s announcement places us among the pioneers in the adoption of Agentic AI, and this is only the first step,” Koushis said. The bank intends to expand DANAI’s capabilities through regular improvements, with customer needs guiding its development, he added. The service was developed in partnership with Avenga, an AI-focused digital engineering and consulting company. “DANAI represents an exciting milestone in the evolution of digital banking, demonstrating how artificial intelligence can transform the way banks engage with their customers,” said Mike Crosby, Avenga’s director of banking and financial services. Crosby said the companies had sought to turn advanced technology into a service that was intuitive, personal and valuable to customers. He described the launch as the result of innovation, teamwork and a partnership based on trust and shared ambition, adding that Avenga was proud of the achievement and looked forward to further developments. Avenga works with businesses on digital transformation through artificial intelligence, data, cloud services and software engineering. The company has thousands of technology professionals worldwide and combines industry expertise with engineering capabilities to modernise legacy systems, develop digital products and create business value through technology. In banking and financial services, Avenga supports institutions across several areas including core banking modernisation, digital channels, conversational and agentic AI, intelligent automation and data-driven customer experiences.