Digital Bank One Zero Accuses Traditional Banks of Predatory Tactics
Translated & summarized from TheMarker by baba
Digital bank One Zero has accused traditional banks of using predatory tactics to retain customers, including offering financial incentives to close accounts at One Zero. One Zero cited an instance where Bank Leumi allegedly offered a customer 500 shekels to switch back. The Competition Authority is investigating the claims, and Bank Leumi asserts it is operating legally.
The story in 5 lines · by baba
- One Zero accuses traditional banks of using predatory retention tactics to eliminate competition.
- Banks are allegedly offering customers money to close accounts at One Zero.
- Bank Leumi reportedly offered a customer 500 shekels to switch back.
- The Competition Authority is currently reviewing the allegations.
- Bank Leumi states that its actions are in accordance with the law.
The digital bank One Zero has accused traditional banks of employing increasingly aggressive and illegitimate retention tactics, aiming to eliminate competition in the long term. In a recent appeal to the Competition Authority, One Zero stated that banks, recently declared a concentration group, are now trying to compete for customers only after they have opted for an alternative.
One Zero provided an example of this alleged behavior: "A worrying phenomenon in which banks offer our customers financial grants to close their accounts at One Zero." The digital bank claims that a specific instance involved Bank Leumi offering a customer 500 shekels to close their account with One Zero and return to Leumi. The Competition Authority has stated that the matter is under review, while Bank Leumi maintains that its actions are lawful.
The same event, reported separately by each outlet. Open a few to compare what different newsrooms emphasize — and what they leave out.
Other 2
