Who are we

Raheli Bindman Raheli Bindman | March 01, 2021

The First Digital Bank is the first bank to receive licensing from the Bank of Israel since 1978, and is on a mission to serve as an alternative to traditional banks, thanks to innovative and fair banking practices that will free us from complex interactions with money and provide us with the freedom to do what we love (and are good at).

Unlike existing bank groups, we are an independent bank that will offer all banking services you are used to receiving from traditional banks: personal accounts, joint accounts, credit cards, checks, standing orders, foreign currencies, deposits, loans and investments, only without any physical branches or waits in line. Rather, we provide banking services when it is convenient to our customers, 100% online.

 

The bank is owned by Prof. Amnon Shashua, the man behind the largest exit in the history of Israeli hi-tech, who sold Mobileye to Intel for $15 billion.

 

How are we different from other banks?

Aside from the fact that we are secure and supervised by the Bank of Israel – just like all other banks – and offer all the banking services that traditional banks provide, we couldn’t be more different.

With a transparent and fair business model, no fine print or complex financial jargon, we present a bank that places our customers first. We will do everything to help your balance to be positive and will only offer you products and services that you really need.

Traditional banks carry a load that’s hundreds of branches-heavy, in addition to cumbersome and outdated computational systems and an expensive operational model that has to be funded by means of fees and interest. In recent years, the banking system has undergone several efficiency processes, and the digital solutions that traditional banks now offer send their customers to self-service modules, where they must complete their banking activities on their own.

We are building a bank from the ground up while saving a ton on costs, which enables us to offer competitive, transparent, and affordable rates for everyone, long-term. Equipped with the most innovative technology based on Prof. Amnon Shashua’s artificial intelligence vision, we will not send you to take courses in financial education and deal with your finance on your own. Our smart system will scan your bank account 24/7 and provide you with insights that help our human bankers help you find the best possible solutions to your problems and save you money, whenever and wherever it’s most convenient to you. The smart technology we developed will learn your needs based on your financial behaviors and will forecast your future needs to provide you with a highly-personalized service experience from a private banker who accompanies you, every step of the way. We will be proactive, because we understand that you don’t always have the time or the know-how to know what to ask, and we will guide you towards the goals you’ve set for yourself.

 

What will communications with the bank look like?

We will provide you around the clock service using a combination of advanced technology and human bankers who remain in close contact via chat and telephone hotline.

 

Are you supervised like the other banks?

Of course! We underwent a challenging and complex bank licensing process, which culminated with our being licensed at the end of 2019. This, so as to be supervised by the Bank of Israel and be subject to the most stringent data security and stability requirements.

 

When can I join?

Join our waiting list and be the first to find out! We have launched our pilot with a closed group of customers. In the coming months, we will add more customers to the pilot; by invitation only. The bank is expected to open to the public towards the end of 2021.

 

So, what’s next?

Over the next few weeks and months, we will acquaint waiting list members with the team behind the bank and will give you a sneak peek at the products we’ve been working on. Simultaneously, we will post financial articles online, so as to equip you with the tools you need to better understand how your money works, as well as to increase your awareness vis-à-vis the costs of the financial services you consume.

 

In the meantime, get ready to say goodbye to your traditional bank.

 

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