The letter in response to a letter from the Mayor of Dherynia in which he appealed for the retention of the Bank of Cyprus branch in Dherynia, which will be permanently closed in early July, is signed by the Larnaca-Amamohostou District Retail Banking Manager and the Larnaca-Amohostou Regional Manager.
In his letter dated 13 April, Andros Karagiannis said, among other things, that he fully understands "the needs and policy of the Bank of Cyprus to reduce the number of branches and promote online service to the public, as this is what modern society requires. However, first of all, society should be properly prepared for the future changes in the banking sector."
The Bank of Cyprus' response letter
states that "we understand the concerns and worries" expressed by the Mayor of Deryneia and notes that "the execution of banks' operations has diversified through the continuous upgrading of the services they offer through digital channels. Today these banking operations/services are provided through these channels which offer faster service at a reduced cost."[/P]It is also noted that the Bank "has invested significant funds in the development of its digital channels which has resulted in the fact that today more than 90% of transactions are made through these channels", while it is observed that the result of this shift of customers to digital channels "is the continuous reduction in the physical use of branches by customers".
It is also reported that a new service is expected to be offered soon where customers will be able to withdraw cash through merchants, including supermarkets and petrol stations, when making purchases using debit cards so that they do not have to use ATMs.
Bank of Cyprus in its letter also informs the Mayor of Dherynia that the nearest branch of the Bank in Paralimni is located 3.8 km away and has two ATMs, which are available to residents 24/7 ensuring that customers will have access to a cashier 24 hours a day including weekends and holidays.
It will be recalled that the Mayor of Deryneia stated in his letter that "changes and the promotion of new projects and actions provoke a variety of reactions which requires the appropriate preparation of the local community. Unfortunately, we do not agree with the Bank's policy of closing branches, as we believe that it will not facilitate the service of citizens, but on the contrary will cause them further reaction, indignation and frustration".
It also noted that the Bank's decision to close the Deryneia branch should take into "serious consideration the traffic congestion that will be observed and the increase in pollutants that will further burden the environment, with the movement of many citizens from Vrysoules-Acheritou, Frenaros and Deryneia to the Bank's main branch in Paralimni."
Source: KYPE
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