Israel Delays Bank Shift to Digital Notifications Amidst Public Feedback
Translated & summarized from Cursorinfo by baba
Israel's banks will not immediately switch to digital notifications, with the deadline for public comments extended to November 30, 2026. The Bank of Israel's Banking Supervision Department is delaying the transition to allow for further discussion and to ensure service quality for all customers. The move aims to modernize banking by replacing paper mail with digital alerts, though exceptions will be made for elderly and infrequent online users.
The story in 5 lines · by baba
- Israel's banking sector has postponed its shift from paper to digital notifications for customers.
- The deadline for public feedback on the new digital notification rules has been extended to November 30, 2026.
- Daniel Hachamashvili, head of banking supervision, cited technological shifts and consumer preferences for the proposed change.
- Customers over 70 and those not using online banking services will be exempt from automatic digital notifications.
- Customers can opt out of digital notifications and revert to paper correspondence.
Israel's transition to digital notifications from banks, replacing paper correspondence, has been postponed. Daniel Hachamashvili, head of the Banking Supervision Department at the Bank of Israel, announced on Friday, November 13, that the deadline for submitting comments on the proposed new regulations has been extended to November 30, 2026. The new rules will not be implemented until further hearings are held in the Knesset's economic committee, according to Hachamashvili's response to five lawmakers who requested a halt to the public discussion.
Hachamashvili stated that the shift to digital notifications is driven by technological advancements and changing consumer preferences, with 92% of banking operations now conducted remotely. He described the digital format as transparent, convenient, and environmentally friendly, allowing for centralized financial information and easier retrieval of bank notices. The regulator intends to ensure that the service quality for customers who do not use the internet does not decline.
The initiative, which has been in development for about four years, was temporarily frozen after October 7, 2023. Discussions resumed approximately 18 months ago and were supported by consumer protection organizations and the Knesset's economic committee. The automatic transition to electronic notifications will not affect customers over 70 years old or those who have not used their bank's website or app in the past year. Other customers will be notified in advance about the format change and how to receive information, with the option to opt out and revert to paper notifications. The regulator will monitor the reform's impact.
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