Discount Bank CEO at the Jerusalem Post Conference: “The revolution in the banking world offers us a tremendous opportunity”

Uri Levin, CEO of Discount Bank, addressed the Jerusalem Post’s tenth annual conference at the Jerusalem Tolerance Museum, the future of Israeli banking and the significant changes taking place in the industry today, and how they affect the Israeli banking market. “Today’s consumers,” said Levin. Accustomed to the type of service provided by companies such as Netflix and Amazon. They expect better service and better offers. “Levin added that” this is the real reason why the banking world is undergoing the current change. ”

Levin stated that although banks will remain a permanent institution in the financial world, banking practices will change dramatically. “We need to be able to provide our customers with the highest level of solutions, just like other market players provide,” he said, adding that banks need to change the way they work with their customers, “without a great customer experience, we have no right to exist.”

Levin also noted that medium-sized banks, such as Discount Bank, are currently in an excellent strategic position to succeed in the competitive market due to their relative size and ability to operate flexibly. “The revolution in the world of banking offers a tremendous opportunity for Discount Bank – the competition will come from the medium-sized banks.” As an example, Levin cited Discount’s Paybox service, which was established as a separate company. “We’re going to compete with all the banks, including ourselves,” he said, “this is our way to lead.”

Uri Levin (Photo: Mark Israel Salem)

In conclusion, Levin said that although the change is a huge opportunity for medium-sized banks, he also warned that banks can not stay in the comfort zone, but must change the way they work, especially when it comes to the way they work with customers. “By changing the interaction with our customers, we can win this revolution.”

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