“We don’t view AI as replacing bankers but as a way to support their work”
“We don’t view AI as replacing bankers but as a way to support their work”
Shani Federman Terem, Head of Business Development and Innovation at Discount Bank, added that the “goal is for AI to free up bankers for more personal tasks and advanced consultations, not to replace them.”
"The customers in Israel are quick to adopt new technologies. We saw this with digital wallets when Google Pay and Apple Pay entered the market, and their adoption rates were among the highest in the world. This demonstrates that Israeli customers are eager for innovation and trust the banks to provide them with advanced tools, as long as they feel secure using them," said Shani Federman Terem, Head of Business Development and Innovation at Discount Bank, in an interview at Calcalist's AI conference in Tel Aviv.
According to Federman, business development and innovation at Discount Bank focus on two main areas. The first is corporate business development, aimed at building digital and future ventures to optimize banking services. The second area is innovation: "Here, we are leading the bank in a technological leap, collaborating with startups and fintech companies. We strive to implement cutting-edge technologies, such as artificial intelligence (AI) and open banking."
Where do you see the integration of artificial intelligence in banking services?
"Recently, we launched an exciting new application in the stock market sector, *Stock Talk*, which allows customers to receive information and forecasts about stocks in a convenient, simple language, including economic analyses and financial reports, all powered by AI. Our tool not only helps customers understand this information but also provides forecasts regarding buying, selling, or holding stocks. The system also incorporates a financial education element, enabling even those unfamiliar with investments to begin learning financial terms and how to assess their investments intelligently."
How do you balance innovation with the conservatism that characterizes the banks?
"The conservatism in banks stems from the desire to maintain customer security and trust. We strive to incorporate innovation without compromising reliability. On one hand, we want to offer the most advanced tools and solutions, while on the other, we ensure maximum safety for customer information and funds. For example, every new technological application undergoes rigorous security processes to guarantee that our customers receive the safest, highest-quality service."
How does the bank handle competition? All banks, in Israel and abroad, are trying to lead in innovation. How do you differentiate yourselves?
"The bank’s strategy rests on three key pillars: traditional banking, group synergy, and breakthrough innovation. Our focus on innovation is not just about new products but also about the structure of our collaborations. Thanks to our size, we can invest in innovative technologies like Paybox and Greenland without fearing cannibalization. This allows us to lead the market and offer unique solutions to our customers."
How do employees react to the introduction of artificial intelligence? There are concerns that technology will replace workers in the future. Is this something that worries you?
"We don’t view artificial intelligence as replacing bankers but as a way to support their work. Technology can handle some of the routine tasks, but when it comes to complex financial advice, customers still want to speak to a real person. Our goal is for AI to free up bankers for more personal tasks and advanced consultations, not to replace them."
