Bank Leumi CEO Solicits Customer Feedback on Social Media

Hanan Friedman, the CEO of Bank Leumi, has adopted a trend popularized by international tech leaders by directly engaging with customers on the social media platform X (formerly Twitter) to solicit feedback on the bank's services. Friedman's initiative follows similar moves by CEOs such as Elon Musk, Satya Nadella of Microsoft, Brian Chesky of Airbnb, and Amisha Sharma of Xbox.

Friedman posted a message on X asking, "Hello, this is Hanan Friedman, CEO of Bank Leumi. What do you think we can improve further in our service to make it more convenient for you?" The post quickly garnered over 800 responses within 24 hours.

Customers raised various issues, including website and app glitches, requests for improvements in trading systems, real-time market data, and complaints about account management fees. A significant portion of the feedback focused on capital markets and cryptocurrency services. Friedman responded to one user's concern about crypto by stating that Bank Leumi will be the first in Israel to offer cryptocurrency trading services for Bitcoin, Ethereum, and Solana through its Leumi Trade app, expected soon.

Friedman also addressed concerns about after-hours trading in the US, acknowledging it as a relevant suggestion and confirming the bank is examining the possibility of extending trading hours. He apologized for long phone wait times and promised to investigate specific cases, requesting user details. Some users expressed frustration with perceived misleading advertising regarding zero fees and slow account opening processes, to which Friedman also apologized and pledged to address.

In response to a comment about the bank's wealth belonging to employees, Friedman clarified that Bank Leumi's owner is the public, holding its shares, and that bank profits are distributed to the public. He also noted that salary gaps in the financial sector are among the lowest for public companies, referencing a law limiting executive pay. Analyst Avishay Ovadia commented that Friedman's move signals the approaching competition from fintech companies like Revolut entering the Israeli market. Friedman welcomed the competition, stating it drives improvement.