Cellular telephone operator Partner and Bank Leumi today announced the launch of cellular banking services. The new service will enable Orange subscribers with Bank Leumi accounts to receive updated information concerning their current accounts on their cellular telephone screens. The information will appear as a text on the screen whenever the customer wishes.
The present launch of the new service is not yet commercial, and is offered only in English. A commercial launch will be held in October, when the service will also be available in Hebrew. In the meantime, it is possible to receive on the cellular telephone screen a current account balance, the last three movements, and a balance of deposits, by dialing direct, with the push of a single button, Ofeq Securities, Yashir Rishon or Visa ICC.
In future the service will be expanded to enable reception of information on credit card accounts, securities, provident funds, and savings accounts, as well as general banking information, such as foreign exchange rates. It will also be possible to transfer funds from one account to another, to buy and sell shekel-denominated deposits, to order check books, and to pay bills.
According to Partner vice president for marketing Yaakov Kedmi, the new service, and additional services to be provided by Partner in the future, are based on the concept that it is up to the customer to decide what he wants to see or hear. The customer will draw the information he wants, rather than have information fed him.
Kedmi was referring to a statement made last week by Discount Bank and Cellcom concerning banking information services via cellular telephones. He explained that the rival service makes it possible to determine in advance which information will be sent to the customer at which hour of the day, and that the banking information received by the customer will apply to the end of the previous day. The Partner service, on the other hand, is interactive and real-time. "No communications network can do what we can do in this field," he said.
Upon being asked whether the company will work exclusively with Bank Leumi, or whether it will also work with other banks, Kedmi replied, "Bank Leumi has an advantage due to its investment in setting up the joint system." Kedmi’s statements implied that in future Partner will also work with other banks, but he would not disclose the extent of the exclusivity period granted Bank Leumi.
Published by Israel's Business Arena July 13, 1999