Israeli Banks to Shift to Digital Mail for Customers Under 70
Translated & summarized from Mignews by baba
Israeli banks are moving to digital mail for customers under 70, with paper becoming an opt-in service. The Bank of Israel's directive aims to reflect changing customer habits, as 92% of transactions are now digital. The change excludes those over 70 and inactive users, with a provision to revert inactive digital users back to mail. The shift is expected to improve efficiency and accessibility.
The story in 6 lines · by baba
- Israeli banks will default to digital mail for customers under 70.
- Customers over 70 will be exempt from the digital mail transition.
- Digital notifications are considered faster, more accessible, and secure.
- 92% of banking operations in Israel are now conducted digitally.
- Customers can opt-out of digital mail and continue receiving paper correspondence.
- Inactive digital users will be switched back to traditional mail.
Israeli banks are planning to transition away from sending physical mail notifications to customers under the age of 70. The Banking Supervision Department at the Bank of Israel has released a draft directive for public review, which proposes making digital distribution the default method. This change will not affect customers over 70, nor will it apply to those who have not used their bank's app or website for a year prior to the system's implementation. Clients who prefer to continue receiving paper correspondence can opt-in to this service. Customers who are switched to digital notifications but do not engage with them for a year will be reverted to traditional mail. The Bank of Israel cited evolving customer habits as the reason for this decision, noting that 92% of banking transactions are now conducted digitally. The regulator estimates that the proportion of paper mail recipients has significantly decreased in recent years. The Bank of Israel highlighted the benefits of digital notifications, including speed, accessibility from any location, and enhanced privacy. Additionally, digital communication is deemed more effective during emergencies. Paper mail had remained the default option even after banks were permitted to send electronic notifications with customer consent 25 years ago.
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