Israeli Banks to Shift to Digital Mail for Most Customers
Translated & summarized from NEWSru Israel by baba
The Bank of Israel is proposing that banks switch to digital notifications as the default for most customers, excluding those 70 and older or inactive digitally. Customers can opt-out for physical mail, but must actively request it. The move aims to align with global digital trends and enhance efficiency, with 92% of banking operations already digital. The bank cites benefits like real-time access and improved emergency communication.
The story in 5 lines · by baba
- Israeli banks may soon default to sending digital notifications to customers under 70.
- Customers aged 70 and older will be exempt from the automatic digital shift.
- Those preferring physical mail must actively opt-in to continue receiving it.
- The Bank of Israel cites global digital trends and 92% digital banking operations.
- Digital notifications offer real-time access and better emergency communication.
The Bank of Israel's banking inspection department has proposed a new directive that would see banks default to sending customer notifications digitally. This change, currently open for public comment, would exempt individuals aged 70 and older, as well as those who haven't used digital banking channels in the year prior to the transition. Customers who wish to continue receiving physical mail will need to actively opt-in to this service. Those automatically switched to digital notifications but who do not engage with them for a year will be reverted to paper mail. The Bank of Israel cited global shifts in information consumption as the reason for the proposed change, noting that 92% of banking operations are already conducted digitally. While paper mail was once received by 20% of customers, this figure is now significantly lower, according to the bank's estimates. The advantages of digital communication highlighted include real-time access, location independence, enhanced privacy, and greater effectiveness during emergencies, such as the COVID-19 pandemic and recent conflicts. This initiative builds on a previous decision from 25 years ago that first allowed banks to use email for notifications with customer consent, though paper mail remained the default option until now.
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