Industries are being turned on their sides due to digital, yet banking hasn’t seen much out of the box – until the First Digital Bank. Founded by Professor Amnon Shashua, who played a founding role in the Mobileye self-driving car revolution, the First Digital Bank hopes to be a disruptor in the centuries-old industry.
CEO Gal Bar-Dea says, “Netflix killed off Blockbuster, Spotify disrupted the music industry and Tesla has left Ford and Mitsubishi in the dust. Banking is one of the few industries that hasn’t undergone a revolution. Big, long-standing names control the market with too little competition and offer exactly the same products. We will be offering innovative banking, building a bank from scratch for the benefit of the public.”
The First Digital Bank launched its website on Sunday, where users can join a waiting list. Only in the third quarter will people be able to open accounts, acting as a trial for about 1,000 of the bank’s friends and family. At the end of the year, the bank is set to officially open, and offer a range of services, using artificial intelligence to improve the banking experience, and lower typical banking fees all around.
The bank already has 140 employees and $60 million in investments. It will have 24/7 services, enable opening an account in moments, and will also eventually offer mortgages and loan services.
“The AI revolution is here and now it’s coming to banking,” said Shashua. “The banking system is thirsty for competition and innovation after many years of stagnation. Change can’t come from the traditional system, which is held back by high costs.”