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Bank of Cyprus Responds to Revolut’s Expansion in Cyprus

by THEFUTURE.TEAM

The Bank of Cyprus has issued a response to the growing influence of Revolut within the Cypriot market. Revolut, a prominent fintech company, has rapidly expanded its services in Cyprus, attracting a significant customer base with its innovative digital banking solutions. The Bank of Cyprus acknowledges the competition but remains confident in its established position, emphasising its comprehensive range of services, local expertise, and deep-rooted customer relationships as key advantages over newer digital-only competitors.

This situation underscores the evolving dynamics in Cyprus’ banking sector, where traditional institutions are increasingly challenged by agile, tech-driven entrants like Revolut. The Bank of Cyprus’ response highlights the ongoing battle between established banks and fintech companies, each vying to capture and retain a digitally-savvy customer base. This development is a significant example of the broader trend of digital disruption in the financial services industry, which is reshaping how banks operate and interact with their customers.

In this competitive landscape, the Bank of Cyprus is expected to leverage its strong local presence, regulatory knowledge, and diversified service offerings to maintain its market position against the rising influence of Revolut and similar fintech players. However, as digital banking continues to gain traction, traditional banks will need to innovate and adapt to remain relevant in an increasingly digital world.

Only 1% Of Cyprus Farms Use Precision Farming Technologies

by THEFUTURE.TEAM

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.

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