'Israel’s financial system is more advanced than many places in the world'

Over the past ten years, the Israeli banking system has become much more user-friendly, says Eyal Efrat, first executive vice president and Head of the Technologies Division at Bank Leumi.

By ALAN ROSENBAUM NOVEMBER 10, 2024 10:49

Eyal Efrat, first executive vice president and Head of the Technologies Division, Bank Leumi (photo credit: MARC ISRAEL SELLEM)

Eyal Efrat, first executive vice president and Head of the Technologies Division at Bank Leumi, said that the Israeli banking system has become much more user-friendly to Olim over the past ten years. Speaking at the Jerusalem Post’s online conference entitled “Coming Home – Aliyah in Times of War,” Efrat said that since the war broke out, banks in Israel have experienced growth in the demand for retail banking services especially in residential banking mortgages and new account openings, with many customers coming from the US, UK, France and South Africa. “In the end,” he said, “we aim to provide the best service, period. It means that we need to provide tailored services to people who speak different languages and come from different banking and financial cultures.”

Efrat pointed out that banking today in general, and specifically in Israel, has increasingly shifted towards digital services, and said that “Israel’s financial system is more advanced than many places in the world,” adding that Bank Leumi is the only bank in Israel that offers fully digital services in english for both retail and commercial customers. Sign up for our newsletter to learn more >>

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Bank Leumi offers a complete English-language version of its banking app, similar to the Hebrew app, and around 50,000 customers already use it daily. The bank’s commercial banking site is also fully accessible in English, making it the only Israeli bank to offer this service. Efrat mentioned that the bank’s Private Banking Centers, serving clients requiring complex financial services, are located in Tel Aviv, Herzliya, Haifa, and Jerusalem, where many Olim have settled. 

One of the bank’s most unique and user-friendly services, said Efrat, is its WhatsApp chat service, which is available on the Leumi mobile app in English, French, Russian, Spanish,  Italian and more, in addition to Hebrew. “I think that one of the most effective digital services that we’ve implemented in recent years is the ability to chat with one of our bankers,” he said, “because especially in finance, chatting is growing globally and is the preferred mode of communication for customers. We place a strong emphasis on this medium of engagement.”

Efrat said that Olim who are concerned about the state of the country’s economy should be optimistic. Today, he said, three large sectors play a significant role in the country’s economic system. The first is Israel’s hi-tech industry, the second is residential construction, and the third is infrastructure.

With its many start-ups, Israel has been well-positioned in the hi-tech industry for years. Regarding residential construction, Israel has one of the fastest-growing populations in the OECD, and demand for housing exceeds the current available supply. Finally, infrastructure is growing, as numerous areas in the southern and northern regions of the country are expected to be rebuilt following the damage caused by the war. 

The most important tip in banking for potential Olim, said Efrat, is to do the research and be informed on what benefits are available. “You can check the various services offered to you in Israel by banks, insurance companies, and credit card companies. It’s all online. And, of course, you can contact us via chat, in our branches or our Private Banking Centers. We’re always here at your service." Learn how to buy your home in Israel with confidence >>