Israel’s new digital bank, which is set to open at the end of 2021, will be the first to allow US citizens to open a bank account without having to go to the physical branch of a bank.
Israeli citizens who hold additional tax residency or American citizenship will also be able to receive credit facilities and full services in English, the First Digital Bank said.
Israeli citizens with dual citizenship or an additional tax residency are required by law to fill out additional paperwork in person in order to open a bank account, beyond those required for a regular account.
In addition, there are hundreds of thousands of citizens in Israel whose mother tongue is English, who have difficulty performing digital operations in the Hebrew language, the bank noted.
“In 2021, no one should spend half a day working on opening a bank account,” said Eric Chikotai, VP of Banking at First Digital Bank. “As a technology-based bank, we have created an infrastructure that will allow any citizen to open a bank account easily and receive service – anytime and anywhere. With our English language app, we will remove barriers and make banking services accessible to the public. We hope and believe that the banking system will follow our lead and allow its customers not to come into their branches for a procedure that can be performed 100% digitally.”
Intended to be Israel’s first new independent bank in 43 years, the First Digital Bank will have no physical branches, and will offer full 24-hour customer service through an online chat and a call center to create a customized service experience.
The bank, which has received approvals from the Bank of Israel, was founded by Prof. Amnon Shashua, who has also founded multi-billion dollar companies Mobileye and OrCam.
Interested parties can join the bank’s waiting list on its website https://en.digibank.co.il