Israel’s Revolutionary Experiment: Introducing New Bank Named “First Digital Bank”, Never in the History of Banking Industry! Traditional Banks have an Impact: Traditional Bank Employees Vs. Futuristic Bank Employees with AI (Machine Learning Deep Learning) and Cybersecurity Skills! Read this interesting Perspective!!

Dear Friends and Students

I have been contemplating this new change in Banking Industry. Israel is making this transformational experiment!! The game started!! Today I was reading an article in Israel NEWS paper about New 100% Digital Bank, No Physical Bank operations! The transformation from Traditional On-Premise Bank Operations to Net banking to 100% Digital Bank!! 

This new bank named “First Digital Bank” is using the power of AI! They are building it from scratch! This is the brainchild of Prof.Amnon Shashua, Founder of the First Digital Bank! This bank got approval from the Bank of Israel.

Personal and Joint Account Creation, Credit Card Verification, Standing Orders, Loans, Deposits, Investments, Stocks, Guarantees, and Foreign Exchange, all happens through “One Click” and available 24*7!!! A bank opens anytime!!! Truly Limitless!! Every Service Offered without small print!! (www.digibank.co.il/)- Select English, Not Hebrew Language. Of course, they want to maintain a call center for any grievances or queries.

Tentative Plan: 2021 Year-End! It has 140 employees as of now and building it from scratch! Prof. Shashua invested $60 million in this.

Dear Students

This is not an ordinary game. AI and ML are going to revolutionize every industry. Netflix killed Blockbuster, Spotify disrupted the music industry, Tesla left Ford and Mitsubishi behind, now who knows First Digital Bank might change the Banking Industry completely. What if this company offers patented technology to every bank in the world? What happens to the traditional bank employee!! It is quite possible in the next 10 years’ time!! 2030 is going to be game-changing for many industries.

Hear the story of Prof.Amnon Shashua, Founder of the First Digital Bank. Did his Ph.D. from the Massachusetts Institute of Technology in the Field of Brain and Cognitive Sciences. Sr. Vice President for Intel, Founder and CEO of Mobileye (Mobileye is an Israeli subsidiary of Intel that develops self-driving cars and advanced driver-assistance systems), Founder of Orcam (OrCam devices such as OrCam MyEye are portable, artificial vision devices that allow visually impaired people to understand the text and identify objects through audio feedback, describing what they are unable to see), and Professor of Computer Science at Prof. of Computer Science at Hebrew University, Jerusalem.

Currently Banking Job test checks for your basic aptitude, quant & mental ability, reasoning, etc. I am sure the day is going to nearing, banking tests would be based on your AI and ML & Cybersecurity Proficiency. Started in Israel but very soon, every country is going to simulate this tech-driven banking model.

Think AI and ML!

Your Well-wisher

Ravi Saripalle

Join Inspire to Innovate Storytelling Movement (i2itm.blogspot.com)

Source Inspiration:

https://www.jpost.com/israel-news/israels-new-digital-bank-set-to-shake-up-the-banking-sector-661949