Bank Leumi: Building the Google of the financial industry

Posted on 26/06/2018
DISCLAIMER: this article is older than one year and may not be up to date with recent events or newly available information.

Banks that want to thrive in the digital era need to remove friction for the customer and change the language they use, according to Ilan Buganim, Chief Technology Officer and Chief Data Officer at Bank Leumi, part of Leumi Group, Israel’s largest banking corporation. In an interview with VMware, he highlighted how the way people interact with banks has changed, and what this means for customers and their financial institutions. “To show their differentiation, banks need to be much more proactive. Yesterday, when a customer wanted to speak to a bank, they needed to understand how the bank works and the communication channels it provides. Tomorrow, the bank will need to learn what [makes banking] easier for the customer, where the customer resides, and if it’s easier for them to communicate via WhatsApp or Messenger.”

This means that while banking will get easier for customers “it will make the life of the banks much more difficult because every bank will need to build a digital differentiator, and that can only be done with innovation.”

Buganim’s insights are based not on theory, but hard evidence and real experience. In 2017 Bank Leumi launched Pepper, its innovative mobile banking service. “We said that we wanted to be the Google or Facebook of the financial industry. To get there, we needed to create a mobile bank focusing on millennials; providing customers with more transparency and speaking to them in a very simple language.”

Pepper is an entirely mobile banking experience. The process of opening an account takes just minutes, after which customers can access current account facilities and an active credit line directly to their phone. Built on unique technology that can help customers better manage their finances, the Pepper service gets to know its users, customises relevant content, and offers a personalised banking experience.

The results speak for themselves. As Buganim says, Pepper has seen “very strong, sustainable growth in bringing in new customers, [who are] very happy with the results. With increased personalisation we are providing a totally new way of banking, that comes with more customer-friendly language.”

VMware’s cloud infrastructure allows Pepper to be much more flexible and able to deploy new features to the customer quickly. Building on the experiences it gained from building Pepper, Bank Leumi and VMware now offer an advanced digital banking platform for banks to help them embrace digitalisation. “We think we can be an accelerator [to banks] with this platform. We can work together with them to introduce this platform which is adapted to their needs and markets.”

In this video, Buganim and Manasee Dash of VMware discuss in more detail the impact Pepper has had, how Bank Leumi and VMware’s partnership can help bring banks into the digital era and how banks need to adapt in order to provide a frictionless experience for customers.

To read more about the advanced digital banking platform click here.


Category: Business

Tags: , ,

Related Articles

Posted on 28/06/2019 by vmwareemeasmt

Want to simplify your path to the hybrid cloud?

Businesses are facing considerable IT challenges as they embark on their digital transformation journey. We hear from our customers that they are faced with business requirements to manage risks, lower TCO, accelerate time to market to meet the ever-increasing demands for faster innovation. To tackle these challenges and get on the path to success, businesses […]

3 minute read
Posted on 29/05/2019 by vmwareemeasmt

Join Cloud Briefing 2019 for Exclusive Insights into the Future of the Cloud

Join us at VMware Cloud Briefing 2019 for exclusive insights on the forces shaping the cloud today and what this will mean for the enterprise of tomorrow. Make sure you’re up to speed with the latest cutting-edge developments in the cloud. Don’t miss this insider’s event on June 4, when VMware CEO Pat Gelsinger and […]

1 minute read
Posted on 25/10/2019 by vmwareemeasmt

Putting customers first in a strategic partnership – IBM and VMware

To quote the famous poet John Donne “no man is an island”, the same could be said for technology companies.  The demands of the digital era are too vast, and customers’ requirements too varied, for any one vendor to be able to meet all those needs alone. That’s why it’s vital we work with like-minded […]

2 minute read

Comments

No comments yet

Add a comment

Your email address will not be published.

*

This site uses cookies to improve the user experience. By using this site you agree to the privacy policy