Almost one in three European consumers (29 per cent) would rather discuss sensitive banking matters with artificial intelligence than with a bank employee, according to a pan-European study published on Thursday, though 60 per cent still want human contact. The EOS Banking AI Barometer did not cover Cyprus, but its findings come as Cypriot banks, having put the challenges of the previous decade behind them, push ahead with rapid digital expansion.
The share preferring AI rises to 38 per cent among 18 to 34-year-olds, according to the barometer, which covered 11 countries.
The study also found clear limits to current tools, with between 35 and 36 per cent satisfied with AI’s understanding, accuracy and ability to solve complex problems.
Communication with banks has improved noticeably thanks to AI applications, according to 46 per cent of respondents.
Consumers also appear ready for AI to play a more proactive role, particularly when money is tight. Respondents were most receptive to early warnings, with 61 per cent wanting alerts when their account is at risk of going overdrawn, while 51 per cent would welcome personalised debt repayment plans suggested by AI for overdue payments.
Central Bank of Cyprus Governor Christodoulos Patsalides and other speakers at the Forbes Cyprus Summit 2026, including state officials, bank executives, regulators and technology company representatives, said AI offers enormous power and operational efficiency but brings new cyberattack risks and operational weaknesses.
Since August 2026, Cypriot organisations have faced compliance obligations under the EU AI Act, which classifies AI-based credit scoring systems as high-risk.
Cypriot institutions are using AI to war-game risk scenarios, detect fraud and automate processes, while human oversight remains the safeguard.
