Greek Banks Bet €4 Billion on AI — From Mobile Banking to the Bank That Knows What You Need

The next big battle for Greece’s banks will not be fought in branches but in algorithms. National Bank of Greece, Eurobank, Piraeus and Alpha Bank are sharply increasing technology investment, with multi-year spending programs that together run into the billions. Artificial intelligence, cloud infrastructure, cybersecurity and automation are reshaping banking from a digital service into something far more personalized: a bank that can anticipate what a customer needs before they ask.

Greek banking is preparing for its biggest technological shift since the arrival of online banking.

This time, the change is not just about where a transaction takes place.

It is about who — or what — organizes it.

The country’s four systemic banks are investing aggressively in technology and artificial intelligence as they move toward a new model built around three priorities:

Personalization. Automation. Prediction.

AI is moving from pilot projects into the core of everyday banking.

The €4 Billion Transformation

The headline figure is striking, but it needs an important caveat.

This is not €4 billion spent exclusively on AI applications.

The investment programs also cover broader digital transformation, including data infrastructure, cloud, cybersecurity, core banking systems, automation and new digital products.

Still, the scale of the spending shows how seriously the sector is treating the shift.

Key figures include:

• Eurobank: around €1 billion between 2025 and 2028 under its Banking Forward strategy.
• National Bank of Greece: roughly €1 billion invested in transformation over the past five years, with a major focus on its new Core Banking System.
• Piraeus: around €250 million a year in digital products and technology.
• Alpha Bank: more than €200 million annually, with the goal of becoming an “AI-First” bank.

The message is clear:

Technology is no longer a support function. It is becoming the operating core of the bank itself.

Eurobank: €1 Billion for “Banking Forward”

Eurobank is running one of the largest technology programs in its history.

Its Banking Forward plan foresees around €1 billion of investment through 2028, focused on infrastructure, AI, cloud, data and next-generation digital services.

The digital base is already substantial:

• 96% of transactions are conducted digitally.
• 61% take place through Eurobank Mobile.
• Among customers under 35, mobile usage reaches 94%.
• Roughly one in three banking products was acquired through digital channels in the first half of the year.

Eurobank is also building an AI Factory, expanding digital mortgage processes and further developing its virtual assistant EVA.

The philosophy is changing.

Mobile banking should not simply tell customers how much money they have.

It should increasingly help them understand what they can do with it.

Piraeus: Toward an AI-Native Bank by 2030

Piraeus is taking an even more explicit route toward an organization in which AI is embedded throughout operations.

Its main vehicle is Newra, the dedicated AI hub created in cooperation with Accenture.

The ambition goes beyond chatbots.

The bank is developing AI applications for internal automation, lending processes and new digital ecosystems.

Recent examples include:

• Farmclick, a marketplace for agricultural supplies.
• A fully digital mortgage platform using AI across the end-to-end process.
• Piraeus Youth, designed around family banking and younger customers.
• The neobank Snappi, which has already passed 100,000 customers.

This leads directly to another strategic battle:

Gen Z.

National Bank of Greece: Rebuilding the Digital Core

National Bank of Greece has taken a somewhat different approach.

Before building an AI-first customer experience, it has focused heavily on the infrastructure underneath it.

The bank has invested about €1 billion over five years in transformation, with the centerpiece being the replacement of its Core Banking System.

That matters more than it sounds.

A core banking system is effectively the digital nervous system of a bank.

It processes accounts, deposits, loans and daily transactions in real time across branches and digital channels.

NBG’s digital customer base is now significant:

• More than 4.6 million registered users across digital channels.
• More than 3.3 million active users.
• Mobile Banking for retail customers.
• A new Business Internet Banking platform.
• The Next app for younger users.

The next phase is to layer more automation and AI on top of that infrastructure.

Alpha Bank: From Digital to “AI-First”

Alpha Bank has chosen a phrase that captures its ambition clearly:

AI-First Bank.

With annual investment of more than €200 million, it aims to embed AI both in customer service and internal operations.

The broader shift is from reactive banking to predictive banking.

Today, a customer asks for something and the bank responds.

Tomorrow, the bank will increasingly try — with customer consent and within regulatory limits — to recognize a need and suggest a solution before the request is made.

That is a much bigger shift than launching another app.

Why Banks Have Little Choice

The pressure does not come only from competition among the four major lenders.

It also comes from neobanks and fintechs, which generally have lighter legacy technology stacks and strong appeal among customers aged 18 to 35.

For a 25-year-old, the comparison is no longer simply between one Greek bank and another.

It is between the experience offered by a bank and the experience users already expect from every other app on their phone.

That changes the rules of the game.

From “Open the App” to “Let Me Do It for You”

The next major leap is already visible:

agentic AI.

The new generation of AI systems is not limited to answering questions.

Under defined permissions, it can carry out sequences of actions on behalf of users.

Imagine a banking app that can identify that:

• your electricity bill has risen,
• a term deposit is about to mature,
• you have unused cash sitting idle,
• or a loan could potentially be refinanced.

At that point, mobile banking becomes more than a transaction tool.

It becomes a personal financial assistant.

And What About the Human?

This is the hardest question.

Banks themselves increasingly argue that the right model is not “AI versus people”.

It is about assigning the right tasks to each.

Algorithms can handle volume, repetitive work, data analysis and process automation.

People remain essential for judgment, complex advice, negotiation and — above all — trust.

A bank is not a streaming service.

It handles money, debt, savings, wealth and highly sensitive financial data.

That means the real challenge of AI banking is not only to become smarter.

It has to remain safe, accountable and trustworthy.

The Next Bank May Not Look Like a Bank

National Bank of Greece, Eurobank, Piraeus and Alpha Bank are not investing billions simply to build better mobile apps.

They are building their next business model.

The first wave was e-banking.

The second was mobile banking.

The third is AI banking.

The biggest shift will come when customers stop thinking:

“I need to log in to my bank to do something.”

And instead expect the bank to understand what they need, present options and — where authorized — complete part of the process on their behalf.

The competition among Greek banks is no longer about who has the best e-banking platform. It is about who can turn artificial intelligence into a real personal banker for millions of customers first.

Source: pagenews.gr