Israel today a world leaders in all things related to banking

Stanley Epstein, Modi’in, Israel

There is nothing archaic about Israel’s banking system. In its embrace of banking technology and its application to banking systems, payments, credit cards and the like, Israel is today a world leader.

My own background is in banking including many years with Standard Bank’s electronic banking division (as it then was). After making aliyah in 1999, I spent over six years as an adviser to the Bank of Israel (the central bank) in its huge upgrade project that brought the country’s banking systems into the 21st century.

Banking today in Israel is so driven by technology that a physical visit to your bank is no longer really necessary. Everything can be done from your desk or on your smartphone.

Need to deposit a cheque? Snap a picture on your smartphone and deposit it! Have to pay an account? A couple of clicks and not only is it paid, but your receipt is already waiting in your e-mail!

Need a mortgage to finance your home? Apply on your PC and the telephone, get the approval by SMS and sign the documents digitally. Credit card renewals are mailed and the customer validates the new card on-line.  

True, for cash you still need a bank, or ATM really. And when you get there you have a choice – Israeli shekels, US dollars, sterling or euros.

Travelling overseas? Just take your regular Israeli credit card. No authorisations are needed, no blocking of accounts, no pre-paid foreign exchange cards – just go-and-pay. And for personal payments? Well there is PayPal topped up automatically from your credit card or bank account.

I could go on and on, but I think that these few examples paint the picture of Israeli banking today.