Israel’s First Fully Digital Bank selects Bloomberg as Primary Data Provider

Bloomberg announced that it has been selected as the primary data provider for Israel’s First Digital Bank, owned by Prof. Amnon Shashua, co-founder of Mobileye and a leading entrepreneur in the Artificial Intelligence industry.  Bloomberg is providing leading, high quality real-time and pricing data to the newest entrant in a growing market.

The worldwide COVID-19 pandemic has changed the way financial services firms do business, forcing many banking clients to move online and away from physical bank branches. Israel’s new digital bank will optimize operations in this increasingly digital world, using innovative technology to provide a high level of service to its clients, entirely online. The First Digital Bank is the first independent bank established in the country in over 40 years as well as the first fully digital bank in the region.

The First Digital Bank will offer advanced services, including flexible and competitive credit solutions, alongside standard banking services such as current accounts, credit, deposits, and securities management based on a combination of innovative AI technology and human bankers offering personal service around the clock. Bloomberg’s solutions will support the bank across these services by providing the reliable, high quality real-time, FX and money market data required to feed the bank’s core systems and ensure accurate calculations.

“We are launching this bank with the mission of using technology to revolutionize the relationship between people and their money offering private banking services which will help our clients to manage their finances. This requires efficient access to large volumes of timely, accurate data,” said Gal Bar Dea, the CEO of the First Digital Bank. “As we prepare to launch operations, we need a data partner with exceptional customer service and the ability to quickly address our challenges. Bloomberg brings not only the most complete catalog of data for our efforts, but also the technology expertise to significantly simplify the processing work needed to make data-driven decisions for our clients.”

The First Digital Bank will utilize data through Bloomberg’s Data License technology, which delivers high quality reference, pricing, regulatory and alternative data. The bank will also have access to Bloomberg’s real-time market data feed, B-PIPE, to help support the bank’s mostly automated workflow and fuel its customer-focused technology. The bank’s Treasury team will also subscribe to the Bloomberg Terminal to cross-check prices for internal risk and end-of-day workflow.

“Globally, banking is seeing a move towards digitalization as customers demand sophisticated online technologies and faster service than ever,” said Gerard Francis, Global Head of Enterprise Data at Bloomberg. “We are excited to be part of that journey with Israel’s first digital bank, which is launching with the focus on innovation, client service and digital optimization needed to be successful in today’s market.”

About Bloomberg

Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Terminal. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information, visit www.bloomberg.com or request a demo.

About the First Digital Bank

The First Digital Bank received its banking license from the Central Bank of Israel in December 2019. It is the first bank to receive a banking license in Israel after more the 40 years in order to create an alternative to the 5 major Israeli banking groups which controls 98% of the Israeli market. The bank will offer a complete banking solution including current account, credit, deposit, and securities management based on high-end AI technology. At the beginning of March, the bank started its trial run and plans to launch its operations to the public towards the end of 2021. For more information visit: www.digibank.co.il