One Zero Bank: Israeli Digital Platform Offers Free Forex and Securities Trading Commissions

Israeli digital bank One Zero, established by Israeli businessman Amnon Shashua, has launched new initiatives designed to significantly reduce commissions for customers engaged in foreign currency and securities trading. This move targets a highly profitable sector within the banking system. One Zero estimates that banks currently generate approximately 4 billion Shekels ($1.11 billion) annually in commission income solely from these trading activities.

One Zero offers customers checking, credit cards, savings, loans, bank guarantees, cashier’s checks, ordering checkbooks, depositing by scanning checks and depositing postdated checks are all available in one app.

More and more, banking and finance are going digital, or if you prefer virtual. This is not about cryptocurrencies, but they are related to the subject. This is more about how banking is being done almost exclusively online these days and through mobile devices.

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Forbes explains that online banks have emerged in the financial services space as alternatives to brick-and-mortar banks, and have introduced new ways of banking. Forbes also says that today in the U.S. three in four Americans (76%) have used their primary bank’s mobile app within the last year for daily banking tasks, according to Ipsos-Forbes Advisor U.S. Weekly Consumer Confidence Survey data from February 2021.

In February, One Zero launched its GenAI-based service platform – marking the transition from experimental pilot phases to full-scale implementation. As part of an innovative collaboration with AI21, the bank unveils ‘Ella’ 2.0, a next-generation digital private banker. Based on LLMs (Large Language Models), ‘Ella’ 2.0 showcases advancements in understanding and responding to customer queries and open questions in multiple languages. The platform, cultivated through extensive user training, delivers instantaneous responses, operates 24/7, and harnesses machine learning to tailor personalized financial services.

Amnon Shashua is an Israeli computer scientist, entrepreneur, and the co-founder and CEO of Mobileye, a company developing advanced driver assistance systems (ADAS) and autonomous vehicle solutions.

Born in Jerusalem, Israel, in 1960, Amnon Shashua received his bachelor’s degree in computer engineering from Tel Aviv University in 1985 and his master’s degree in computer engineering from the Weizmann Institute of Science in 1988. He received his doctorate in artificial intelligence and cognitive science from the Massachusetts Institute of Technology (MIT), USA 1993.