The words ‘journey’ and ‘community’ recur regularly whenever Chief Technology Officer Jonathan Caruana speaks, and with good reason. They are the drivers behind APS Bank’s recent announcement that it will be issuing equity shares later this year.

The Bank had already announced that it was spending €19 million on technology this year, so what else does Mr Caruana have on his ‘to-do’ list?

One of the main challenges for banks worldwide is keeping up with the pace of rapidly changing customer expectations. These expectations are no longer driven solely by Fintech innovation, but by the “Netflix effect” – where customers expect the same level of personalisation, convenience, and immediacy from their bank as they do from any other digital experience. Whether realistic or not, this demand for a seamless, hyper-personalised journey is redefining what customers perceive as good service in banking.

Caruana believes that the Rights’ Issue is an important part of the Bank’s growth strategy: “It will obviously help us to continue growing, transforming our ecosystem, and modernising it.”

The Bank’s objective was to modernise its suite of platforms, with the intention of both upgrading them and future-proofing its technology stack. Having already addressed its internal legacy platforms, the Bank is now able to deliver more innovative products, some of which incorporate elements of Artificial Intelligence (AI).

Technology is now providing the data which enables the Bank to make more, better-informed decisions, helping it to understand its customer base and sentiment, to create products and to review product eligibility, for example.

“As the community Bank, we need to ensure that our services are more adaptive to our customers’ needs, backgrounds and history, whether they have a family or are acquiring a home loan. It is all about being able to support the customer along their journey,” he explained.

The Bank is actively preparing for this exciting new era, powered by the collective expertise of its 92-strong technology team and the guidance of trusted external consultants. Customers will soon experience tangible benefits, such as a streamlined onboarding journey that combines speed and convenience with the Bank’s rigorous security standards. Alongside this, APS continues to enhance its digital channels, ensuring a seamless and engaging experience that rivals the agility of Fintech’s while preserving the Bank’s long-standing reputation for trust.

Security is not just a promise: quite the contrary. Cybersecurity remains a top priority at APS Bank, embedded into every project and aligned with industry standards. Rigorous testing, data protection measures, and a dedicated Security Operations Centre ensure resilience, continuity, and trust.

While much has already been achieved, funds from the Rights Issue will continue to support developments that make banking easier and more convenient for customers. Projects completed so far include upgraded ATM machines, the revamped investment platform, improvements to myAPS, push notifications, electronic statements, a robust KYC system, and significant investments in payments, including the launch of instant payments.

The instant payments service enables real-time transactions that are fast, secure, and aligned with SEPA Instant standards, giving customers instant access to their funds across Europe. APS Bank offers all SEPA payments – including instant payments – completely free through myAPS internet and mobile banking.

Looking ahead, the Bank is planning further innovations, including a smoother 3D Secure process for online card transactions, a new Customer Relationship Management system to better understand and serve customers, and a digital onboarding journey. This customer onboarding process represents a major leap forward, streamlining the account opening journey and delivering a user experience comparable to leading digital banks.

“Our goal is to harness technology while preserving our identity and traditions as a community bank. This is why we are not only improving digital channels but also improving the in-branch experience, providing more tools in the branches to help our team better understand and serve our customers.”

While such investment in technology may initially appear to be a cost, it is in fact a highly cost-effective strategy that drives the Bank’s long-term organic growth. Beyond attracting new customers, it enables the Bank to offer a broader range of services to existing ones, ensuring sustained value and competitiveness over time.

From a customer experience perspective, the return on investment is clear – technology enables self-service, 24/7 accessibility, faster response times, and greater financial inclusion. These enhancements translate into stronger trust, higher satisfaction, and improved financial wellbeing for customers.

From a business standpoint, automation and operational efficiency free up resources, allowing savings and benefits to be passed on to customers and investors alike. At the same time, through hyper-automation – such as robotic process automation and software testing automation – technology is enhancing the employee experience by eliminating repetitive manual tasks and empowering staff to focus on higher-value work.

Approved and issued by APS Bank plc, APS Centre, Tower Street, B’Kara BKR 4012. APS Bank plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994 and to carry out Investment Services activities under the Investment Services Act 1994. The Bank is also registered as a Tied Insurance intermediary under the Insurance Distribution Act 2018.