‘Customer experience is at BOV’s core’ – Theodoros Papadopoulos

Theodoros Papadopoulos’ career path has been one of continuous growth and a clear focus on customer experience, innovation, and strategy. His journey, marked by a passion for digital transformation and customer journey enhancement, has led him to his current role as Chief Customer Experience Officer at Bank of Valletta.

“My career has been a journey of personal transformation, collaboration, and implementation,” Theodoros reflects. His previous roles, primarily within the digital space, laid the groundwork for his focus on customer experience.

Joining BOV in 2021 as Chief Digital Officer, he quickly progressed, his responsibilities expanding to Chief Customer Strategy and Transformation Officer. His most recent appointment signifies the bank’s commitment to putting the customer at the heart of its operations.

For Theodoros, customer experience isn’t just a department; it’s a mindset that permeates the entire organisation. “It’s deeply human,” he maintains, affirming that this philosophy is central to BOV’s overall strategy.

The Chief Customer Experience Officer goes on to outline three primary areas of focus within his department, starting with digital Innovation, that is, transforming the customer experience through initiatives like digital signatures, enhanced self-service capabilities, and streamlined processes. Next is embedding a customer-centric culture throughout the bank through initiatives like the CX Conference and employee recognition programs; and finally, actively soliciting and acting upon customer feedback to drive decision-making.

Looking back on recent landmark moments and initiatives, Theodoros believes that several projects stand out as defining BOV’s customer first strategy, starting with the Close the Loop program – a “groundbreaking initiative” that ensures customer feedback directly translates into action, with the bank actively communicating these changes back to the customers. He also references the first CX Conference to be hosted in Malta last year, which brought together global and local thought leaders to discuss customer experience best practices.

Another milestone is BOV’s presence on TikTok, which he acknowledges as a bold move for a legacy bank, demonstrating BOV’s commitment to reaching younger audiences and evolving its communication style; as well as the bank’s CX Maturity Measurement, a yearly survey that measures their performance, which continues to showcase impeccable results year after year.

On the subject of leveraging feedback for innovation, Theodoros insists that BOV is serious about listening to its customers. The Voice of the Customer (VOC) program and the Close the Loop feedback system are not just symbolic gestures, he maintains – they are integral to the bank’s operational strategy.

“We ensure that customers see in practice the impact of their insights,” Theodoros emphasises. This feedback informs everything from digital enhancements to service improvements. He highlights the power of data, mentioning that the bank has received over 25,000 customer feedback items in the last year alone. This data drives decisions, leading to improvements in self-service options, complaint resolution, and overall service enhancements.

Moving on to current focus and future vision, Theodoros is currently focused on several key projects, including standardising CX governance and processes across the bank; continuing to engage with customers through innovative channels and providing financial literacy education; and enhancing BOV’s omni-channel banking experience by creating a seamless experience across digital and physical channels. Looking ahead to 2025 and beyond, Theodoros sees artificial intelligence (AI) as a major opportunity, particularly in areas like customer research and complaint resolution. He also highlights the ongoing rollout of the omni-channel banking experience as a “game-changer.”

Letting us in on his leadership philosophy, Theodoros believes a good business leader possesses visionary thinking, the ability to inspire their team, and a strong emphasis on collaboration. He stresses the importance of being decisive yet empathetic, and making informed decisions based on data, as well as the need to stay relevant in a rapidly changing world – a philosophy that underpins BOV’s recent ventures, including its presence on TikTok.

While opportunities abound, Theodoros also acknowledges the challenges. Change management – encouraging the adoption of new solutions – is a key hurdle. Balancing the digital with the human touch is also crucial. “We need to take into consideration the market we are in. We are Mediterraneans. Personal relationships are very important for us,” he points out, recognising the importance of maintaining a strong physical presence alongside digital advancements.

Theodoros also touches on the challenge and opportunity presented by fintech companies. He views them not as a threat, but as a catalyst for innovation within legacy banks. “They make us better, because they bring the innovation to the table,” he smiles.

This interview forms part of the Digital 50 Business Leaders project. These high-profile interviews are exclusively featured online at MaltaCEOs.mt, highlighting 50 distinguished conversations with business leaders, CEOs, and emerging entrepreneurial talents. Through these discussions, we aim to showcase the remarkable journeys, achievements, and successes of Malta’s business leaders.

Want to know more? Please drop us a line at info@maltaceos.mt