I srael is taking the lead in advancing technology for banking by launching the first digital bank. Working with Bloomberg Solutions, First Digital Bank will offer advanced services, including flexible and competitive credit solutions, alongside standard banking services. It will use a combination of innovative AI technology and human bankers offering personal service around the clock.

The bank will have no branches and will focus on retail services, including extending credit to households and accepting deposits. The opening of accounts will be done online. In the third quarter, the bank will offer its services to 1,000 additional customers before opening to the general public towards the end of 2021.

Bloomberg’s solutions will support the bank across these services by providing the reliable, high quality real-time, FX and money market data required to feed the bank’s core systems and ensure accurate calculations. “We are launching this bank with the mission of using technology to revolutionise the relationship between people and their money, offering private banking services which will help our clients to manage their finances. This requires efficient access to large volumes of timely, accurate data,” said Gal Bar Dea, CEO of First Digital Bank.

First Digital Bank will utilise data through Bloomberg’s Data License technology, which delivers high quality reference, pricing, regulatory and alternative data. The bank will also have access to Bloomberg’s real-time market data feed, B-PIPE, to help support the bank’s mostly automated workflow and fuel its customer-focused technology.

The bank’s Treasury team will also subscribe to the Bloomberg Terminal to cross-check prices for internal risk and end-of-day workflow. “Globally, banking is seeing a move towards digitalisation as customers demand sophisticated online technologies and faster service than ever,” said Gerard Francis, Global Head of Enterprise Data at Bloomberg. “We are excited to be part of that journey with Israel’s first digital bank, which is launching with the focus on innovation, client service and digital optimisation needed to be successful in today’s market.”