Mizrahi Tefahot Bank (TASE:MZTF) yesterday officially launched "Mizrahi Tefahot Live", a new marketing measure that combines direct online banking services with traditional services at tellers. The virtual bank branch will have a permanent staff available through all communications channels, including e-mail and messaging, between 7 am and 8 pm on weekdays, and up to 1 pm on Fridays and holiday eves.
Mizrahi Tefahot Bank operated a pilot program of the concept for several months at two branches. 4,000 customers have joined the service to date. Two more Mizrahi Tefahot Live branches will open by year-end, and are expected to bring the number of customers to 6,000. The ad campaign for the launch cost NIS 6 million.
Mizrahi Tefahot Bank president and CEO Eli Yones said, "Mizrahi Tefahot Bank added a net 66,000 new customers this year. The branch is the main anchor for the provision of customer services, but more and more customers prefer direct services. Nonetheless, the personal connection with a banker, with whom a customer can talk and who knows you, is very important. That's why we launched this innovative concept that overcomes the limitations of current channels, and is an alternative to the large segment of customers whose needs have not yet been met by either traditional or direct banking services."
The Mizrahi Tefahot Live branches operate as regular branches with a manager and permanent team of bankers. However, in contrast to the traditional branches, the Live team offers remote services not only by telephone and fax, but also by SMS, e-mail, and video chat. Mizrahi Tefahot Bank will be the first bank in the banking system to provide SMS free text with the bank as well as correspondence with a banker via the bank's website.
Published by Globes [online], Israel business news - www.globes-online.com - on December 8, 2008
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