Israel's first digital bank begins operations, heralding 'artificial intelligence revolution'

The digital bank founded by Prof. Amnon Shashua, among the founders of the self-driving auto-tech company Mobileye, officially began operations on Sunday, promising to shake up the Israeli banking sector and inject badly needed competition. First Digital Bank, Israel's first new banking institution in 43 years, aims to use artificial intelligence and other technology to create a personal ambiance without the actual human contact that comes with neighborhood branches. "Netflix killed off Blockbuster, Spotify disrupted the music industry and Tesla has left Ford and Mitsubishi in the dust. Banking is one of the few industries that hasn't undergone a revolution. Big, long-standing names control the market with too little competition and offer exactly the same products," said First Digital Bank's CEO, Gal Bar-Dea.