Former Bank Leumi CEO, Rakefet Russak-Aminoach has spoken about how both banking and fintech must change in order to succeed and continue to evolve. When Russak-Aminoach became CEO of Bank Leumi she became aware that customers were having issues with their banking and this was affluent millennials who she describes as “Israel’s Innovation Generaation” adding “that by the end of 2018, most of our customers will have been born in the 1990s”. Bank Leumi responded to the high banking fees and annoying wait times at branches and launched their own neobank called Pepper. A key aspect of the digital transformation was closing branches. Bank Leumi had 300 before the transformation began and now has 200 branches. For Russak-Aminoach the successful launch of Pepper gave her some “joy” as she now analyses fintech companies.
Tough times breed better companies: The banker-turned-VC’s fintech insight.
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PriyaPatel
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