Mind The Tech
A Bank That Doesn’t Embrace AI Will Not Be Relevant to Younger Generations, Says Exec
Shay Basson, who heads the technology division of Israel’s Bank Leumi, spoke Monday at Calcalist’s Mind the Tech conference in Tel Aviv
Naomi Zoref | 11:08 25.11.2019
Artificial intelligence, combined with machine and man, is part of the smart banking Israel’s Bank Leumi offers its customers, according to Shay Basson, the head of Leumi’s technology division. Speaking Monday at Calcalist and Leumi’s Mind the Tech conference in Tel Aviv, Basson said that software giants integrate AI capabilities integrate into their services, but it is up to the banks to further develop and apply this technology. Traditional banking is being challenged by companies like Google, Amazon, and Facebook, who now offer financial services as well, Basson said. That rivalry is compounded by regulatory reforms intended to increase transparency and competition in the industry. The newer generations of customers don’t go to banks but expect efficient, simple services provided digitally, which also complicates the cybersecurity risks traditional banks experience, he said.
Not just AI - but weed out all of those Israeli bank employees with the coveted 'kviut' (tenure)... they cannot be fired and the bank unions are strong and will eventually wreak havoc for Israeli banks trying to keep up with the rest of the world and modernize. So aside from AI, what is Leumi and all of the Israeli FIs going to do about slimming down - drastically - sooner than later?