ONE ZERO BANK

ONE ZERO BANK operates as a fully digital bank in Israel, marking the first new banking institution in the country in over 43 years. Founded in 2019 by Professor Amnon Shashua, the visionary behind autonomous driving technology company Mobileye, the bank was established to introduce a new paradigm in banking through advanced technology. Shashua, a computer science professor at the Hebrew University of Jerusalem with extensive experience in machine learning and artificial intelligence, envisioned a bank that could simplify financial management for everyone. The bank secured its restricted license in December 2019 and, after meeting all regulatory and capital requirements, received its full banking license from the Bank of Israel in early 2022.

The bank's business model is entirely digital, with no physical branches, which allows for a lean operational structure and cost savings that are passed on to customers. It generates revenue through a subscription-based model with different tiers, as well as from interest income and foreign exchange activities. The primary target clients are individuals and self-employed professionals in Israel who are looking for a modern, transparent, and efficient banking alternative. The bank plans to expand its operations into Europe, with Italy slated as the first market.

ONE ZERO offers a comprehensive suite of banking services accessible through a single mobile application, including current and joint accounts, credit and debit cards, loans, deposits, foreign exchange, and securities trading. Its core value proposition lies in the integration of proprietary artificial intelligence to provide proactive and personalized financial management. This technology scans customer accounts daily to identify unusual activity, forecast overdrafts, detect double billing, and find opportunities to optimize savings and financing. Human financial managers then use these insights to provide personalized advice to clients via chat or phone, 24/6. In February 2024, the bank launched 'Ella' 2.0, a GenAI-based digital private banker developed in collaboration with AI21 Labs, designed to offer instant, multilingual support and personalized financial management.

Keywords: digital banking, neobank, financial technology, AI in banking, personal finance management, mobile banking, online banking, Amnon Shashua, Israeli fintech, branchless banking, subscription banking, private banking services, automated financial advice, securities trading, foreign exchange services, credit solutions, digital accounts, financial management app, customer-centric banking, innovative banking