Addressing the audience at the 10th Annual Jerusalem Post Conference held at the Museum of Tolerance, Uri Levin, CEO of Discount Bank, discussed the future of banking in Israel, the significant changes occurring in the industry, and how they affect banking in Israel today.
Today’s consumers, said Levin, who are accustomed to the type of service provided by companies such as Netflix and Amazon, expect better service and better offerings.
“This is the real reason,” said Levin, “that banking is going through this change.”
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Levin stated that while banks will remain as permanent fixtures in the financial world, banking methods will change dramatically.
“We must be able to provide our clients top-tier solutions that other players are providing,” Levin stated. He said that banks must transform the way that they work with their clients.
“Without providing a great customer experience, we don’t have the right to exist,” said Levin.
He noted that mid-size banks, such as Discount, are in an excellent strategic position to succeed in today’s competitive marketplace, due to their combination of flexibility and relatively large size.
As an example, Levin cited Discount’s Paybox service, which was established as a separate company.
“We are going to compete with all the banks, even including ourselves. This is the only way for an incumbent to lead the way,” said Levin.
Summarizing his remarks, Levin said that change presents a huge opportunity for mid-sized banks. He cautioned that banks cannot remain the same but must change the way they work, especially in how they work with customers.
“By changing the interaction with our clients, we can be winners in this revolution.