Three years ago, we embarked on a journey. We spent two years writing a business plan for establishing a new bank in Israel. After so many years in which no one was able to obtain a license to establish a bank, and there were many who tried, we succeeded, largely thanks to support from Bank of Israel and the Ministry of Finance. The truth is that it's really exciting.
The traditional banking system has not undergone any fundamental changes in centuries. Technology has revolutionized so many areas, but this has had only minor affects on banking. Yes, we get digital covers, but who do they serve? The financial entities that become more efficient and are required to save costs and thus send us to manage our financial life completely on our own.
While Netflix killed Blockbuster, Spotify the record companies, Tesla left Ford and Mitsubishi in a trail of dust, Booking.com made travel agents redundant, the banking industry has remained in exactly the same place. The same big and established brands have dominated the market for many years and offer exactly the same products.
We trust the banks to take care of our money but we do not really believe they want what is best for us. The financial system benefits from our economic agonies, from the fact that we do not check, that we do not have time to compare, that we do not always understand.
First Digital Bank is an independent bank established in Israel after over 40 years and is the first bank to operate in a fully digital format, with no branches at all. We are a completely secure bank supervised by the Bank of Israel, just like all the banks, and we will offer all the banking services that traditional banks offer, but this is perhaps where the similarities between us end.
Like the new players we all love, new banking must start from scratch, free from the confines of real estate, heavy and slow computer systems, an operating system that needs to be financed, and especially outdated perceptions and a built-in conflict of interest with customers.
We guarantee to do everything to ensure our customers are not in the red, that we will never sell them products and services they do not really need, and we expect to be tested on this daily. Without the added weight of costs, and on the basis of building a trust-based relationship, we will use innovative technology to provide excellent personal service that solves problems, one that frees customers from the complex preoccupation with money.
Banking that helps customers solve their financial issues is worthy of their trust, banking that makes a living from these issues will not.
Get ready to say goodbye to your bank.
Gal Bar De’a
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