The first digital bank, owned by Prof. Amnon Shashua, began operating today, in the first phase, as part of a run for a closed group of customers. To the general public, the bank will open towards the end of the year and offer its customers all banking services.
The bank, built on the basis of innovative technology based on artificial intelligence and will operate without branches, through a combination of technology and human bankers, who will provide services (via chat and call center). Also, the account opening process will be completely digital, without the need for a human representative and with immediate approval of a credit line.
Like its members in the industry, the Digital Bank, which is closely monitored by the Supervisor of Banks, will offer all the banking services available today in the banking system, including personal accounts, double accounts, loans, deposits, credit cards, securities, guarantees, standing orders and VAT. H. Mortgages will be offered later.
About a year ago, the bank signed an issuance and operation agreement for its credit cards with the Isracard Group. Then, at the end of last year, the Bank joined as a member of the Stock Exchange, and announced that it would offer a platform for trading securities on the Tel Aviv Stock Exchange and the leading US stock exchanges at competitive prices under the guise of a supervised bank.
During the third quarter of 2021, the Bank will allow up to 1,000 customers from the general public to join, who will be partners in designing the Bank ahead of its launch to the general public at the end of 2021. The Bank today also launched a website that allows subscribers to updates and waiting lists.
Prof. Amnon Shashua, Founder of the Digital Bank: “The artificial intelligence revolution is here, now it’s coming to banking. The banking system is thirsty for competition and innovation after freezing on the yeast for many years. The good news cannot come from the traditional system that carries a heavy weight of costs. We have built breakthrough technology in the global market To rebuild banking, for the benefit of customers. ”
Shuki Oren, Chairman of the First Digital Bank: “At the height of a global crisis, we did the unbelievable and set up a bank from scratch. The bank’s start-up is a historic event that changes the market. After years, a new independent bank has emerged that will offer for the first time a truly competitive alternative and innovative service experience. And with the encouragement of the Ministry of Finance that they brought, as part of the Strum reform, to the establishment of the Banking Computer Bureau, together with the reform of open banking and inter-bank mobility, we are going to change the face of banking in Israel. ”
“Establishing a new bank, from scratch, free from outdated computer systems, hundreds of branches and an expensive operating system, allows us to be efficient and offer a transparent and fair business model that will roll over cost savings for the benefit of customers, without small print.”
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