Bank HaPoalim teamed up with the Technion Institute of Technology’s entrepreneurship competition BizTEC last week to host their first joint hackathon for financial technology.
HaPoalim has been making inroads into the fintech startup sphere in recent years, hosting competitions with the likes of Citi to help innovative new financial technology startups.
Yoav Intrator, Bank HaPoalim’s CTO, said that fintech is potentially a long-term competitor to banks, but in the meantime is offering only piecemeal solutions. That gives bank an opportunity to get ahead of the disruption by integrating and adopting their technologies.
“Each company is great by itself, but they're completely unintegrated. I cannot imagine having 500 fintech solution on your phone when each looks different, acts different, and doesn't work with the other ones, so I think that banks have a great opportunity to be integrated,” he said.