AI-Powered Banking: Amnon Shashua’s Digital Bank Revolutionizes Finance in Israel

AI-Powered Banking: Amnon Shashua’s Digital Bank Revolutionizes Finance in Israel. Banking industry leader Amnon Shashua asserts that the era of artificial intelligence in banking has arrived. Prof. Amnon Shashua, the principal shareholder of Israel’s First Digital Bank, has initiated a phase where a select group of customers will begin using banking services. Additionally, as revealed to “Globes”, Shashua, the founder of Mobileye and Orcam, is considering introducing a co-owner for the bank.

The bank commented on the potential partnership, noting, “Today, digital banks are a hot topic globally. They’re attracting substantial capital and gaining significant market share. Given that an entrepreneur who spearheaded the autonomous vehicle revolution is now establishing a bank, there’s considerable interest from investors both in Israel and internationally. We’ll provide updates as developments occur.”

Managed by Gal Bar Dea, the First Digital Bank has recruited 140 staff members and is progressing with its business plan. The plan includes launching full-scale banking services to the public this year, with Shuki Oren serving as the Chairman. The bank emphasizes that the Covid pandemic has not hindered their business plan. In fact, the timing has been somewhat advantageous during the bank’s formation.

The bank announced that it plans to open to the general public by year-end, with an option to join a waiting list on their website in the interim.

Additionally, the bank will permit up to 1,000 customers from the general public to participate in shaping the bank’s future during the third quarter of 2021. The bank has also launched a website for updates and waiting list registration.

Founded in August 2018 by Marius Nacht, the bank received approval from the Bank of Israel’s Supervisor of Banks in September 2019. Shashua later joined Nacht as a partner, but in May 2020, Nacht withdrew to concentrate on other investments, leaving Shashua as the sole controller.

Bar Dea remarked, “Just as Netflix revolutionized video rental, Spotify transformed music, and Tesla outpaced Ford and Mitsubishi, the banking sector is poised for a transformation. We aim to offer innovative, equitable banking, freeing customers from financial concerns. Our focus is not on profiting from customer ignorance but on preventing overdrafts and ensuring transparent charges.”

Oren stated, “During a global crisis, we achieved the extraordinary by building a complete bank from scratch. Our commencement of operations marks a significant shift in the market.”

Shashua reiterated his belief that the artificial intelligence revolution is now reshaping the banking sector.

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About the Author: Bernard Aybout

In the land of bytes and bits, a father of three sits, With a heart for tech and coding kits, in IT he never quits. At Magna's door, he took his stance, in Canada's wide expanse, At Karmax Heavy Stamping - Cosma's dance, he gave his career a chance. With a passion deep for teaching code, to the young minds he showed, The path where digital seeds are sowed, in critical thinking mode. But alas, not all was bright and fair, at Magna's lair, oh despair, Harassment, intimidation, a chilling air, made the workplace hard to bear. Management's maze and morale's dip, made our hero's spirit flip, In a demoralizing grip, his well-being began to slip. So he bid adieu to Magna's scene, from the division not so serene, Yet in tech, his interest keen, continues to inspire and convene.