25 March 2017
Visit EBAday.com

Bank Leumi prepares to launch mobile-only bank

09 November 2016  |  5231 views  |  3 mobile keypad

Israel's Bank Leumi says it will open a mobile-only bank to the general public later this year.

Built on an entirely new technology stack utilising Temenos T24 at the core, Pepper was rolled out to 'friends and family' in the second quarter. Initially soft-launched with an online lending product, the platform will expand to offer savings and P2P payments via an app dubbed Pepper Pay.

Speaking at a London conference earlier this week, Leumi CEO Rakefet Russak-Aminoach says that she expects Pepper to become another Israeli global startup like Waze or Taboola.

"The world is changing and the walls that protect us are crumbling," she told the audience. "We, the traditional banks, have only one choice: We must change our shape."

The launch of Pepper corresponds with a cost-cutting and efficiency effort at the bank, which has been shutting and merging branches across the country and recently announced an early retirement programme that will see it shed 673 employees by year end.

Comments: (3)

Raj Singh
Raj Singh - Finova360 - India I Kenya I Nigeria I Ghana I Vietnam I | 09 November, 2016, 11:52

very good move... thats the futuure.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Ted Sidgwick
Ted Sidgwick - CB Infrastructure - London | 09 November, 2016, 12:22

Congratulations... great move...and a great name with "pepper pay" for the payments app...

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Jonny Paul
Jonny Paul - Freelance - London | 10 November, 2016, 17:56

Launched last week at Bank Innovation Israel conference in Tel Aviv. A wonderful offering, and was really impressed with what I heard. The emergence of a challenger bank is greatly needed in Israel, though interestingly as one of Israel's largest banks Leumi is challenging itself! Hopefully though it will open up the space for more challenger banks.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

CIBC, NAB and Bank Leumi form innovation alliance

CIBC, NAB and Bank Leumi form innovation alliance

21 September 2016  |  5246 views  |  1 comments | 10 tweets | 7 linkedin
Bank Leumi to overhaul legacy core

Bank Leumi to overhaul legacy core

04 August 2015  |  4503 views  |  0 comments | 6 tweets | 5 linkedin
Bank Leumi to run fintech hackathon

Bank Leumi to run fintech hackathon

12 August 2014  |  7380 views  |  0 comments | 11 tweets | 1 linkedin
Israel's Bank Leumi launches fintech innovation hub

Israel's Bank Leumi launches fintech innovation hub

21 August 2013  |  6425 views  |  0 comments | 7 tweets | 1 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57146 views comments | 15 tweets | 35 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
8676 views comments | 42 tweets | 25 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8552 views comments | 23 tweets | 37 linkedin
Westpac wants to take over your messaging keyboardWestpac wants to take over your messaging...
7094 views comments | 4 tweets | 10 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
6996 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job