After 43 years, a new bank will join the reigning ‘Big 5’. Israel’s first completely digital bank, a venture headed by Prof. Amnon Shashua, launches as part of a pilot that will offer a wide array of AI-powered banking services, saving users from lengthy bank lines.
Up to 1000 customers
Owned by Shashua, The new digital bank, headed by CEO Gal Bar and Chairman Yehoshua Shuki Oren, received licensing from the Bank of Israel in December 2019 and aims to provide “a true alternative to traditional banking”.
The bank will provide a fully digital experience, combining both smart technologies and human operators, who are standing on call through phone or chat 24/7. This way, the platform customizes service and experience tailor-made per customer, eliminating the nuisance of actually going to the bank.
The bank is under tight supervision from the treasury department - just like all other banks - and will offer standard banking services, including personal and joint accounts, loans, deposits, credit cards, bonds, stocks, foreign currency, and more. Later down the road, users will gain access to mortgage services and new credit card features.
Today (Sunday), the bank officially launched its pilot, but report that during Q3 2021, 1000 new customers from the general public will be onboarded, as partners, according to the bank. In the meantime, people can join the waiting list on the bank’s website.
Amnon Shashua: “The AI revolution has arrived at the bank”
Owner and founder, Prof. Amnon Shashua responded to the exciting launch, saying: “The AI revolution has arrived at the bank. The banking system is thirsty for innovation. We’ve built groundbreaking technology that we want to take global in order to revolutionize the concept of banking, for customers.”
Yehoshua Oren, Chairman: “At the peak of global crisis, we did the unbelievable and founded a bank from scratch. The launch is a game-changer for the market. After a long time, a new bank rises, offering for the first time a true alternative to banking with a digital experience like no other.”