Banks to Shift to Digital Mail by Default, Excluding Some Customers
Translated & summarized from TheMarker by baba
Israel's Supervisor of Banks is proposing a shift from physical to digital mail as the default for bank communications. The change will apply to all customers except those 70 and older or who haven't used their bank's website recently. This move reflects significant technological progress over the last 25 years.
The story in 5 lines · by baba
- Banks in Israel will default to sending mail digitally instead of physically.
- Customers aged 70 and over will be exempt from the digital mail default.
- Customers who haven't used their bank's website in the last year are also exempt.
- The change is proposed by the Supervisor of Banks in Israel.
- This marks a shift from the long-standing physical mail default.
The Supervisor of Banks in Israel has published a draft regulation that will change the default method for sending mail from banks from physical to digital for all customers. This change aims to align with technological advancements, as for 25 years, while electronic mail has been an option, physical mail remained the default for most clients. The new regulation will exempt individuals aged 70 and above, as well as those who have not used their bank's website in the past year, from this digital default. The Supervisor of Banks stated that this move is a response to needs identified in the field and that they will closely monitor its implementation.
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