One of Israel’s largest banking group, Leumi (TASE: LUMI) has announced the launch of “Pepper,” a first of its kind digital platform in the country to allow customers to manage all of their banking activities entirely via mobile and with no account fees.
Leumi says that Pepper represents a revolution in how ‘Millennials’ think about and manage their money in a digital world. It is based on a unique artificial intelligence technology that helps customers better manage their finances and make the most of their money. This allows Pepper to get to know its users, customize relevant content, and offer a personalized banking experience that differs from person to person.
Pepper’s user experience is designed to be like that of social media feeds, comprising of customized content which includes: Personal consumer tips and insights, real-time updates on expenses, summary and analysis of expenses on a daily/weekly/monthly basis, comparisons with peers, instant alerts for duplicate charges, relevant news articles, live updates, and more.
Pepper also offers live customer service by professional bankers available around the clock via video chat, online messaging, or phone.
Pepper’s online on-boarding process is said to take only eight minutes and can be done from anywhere and at any time convenient to the customer. Following this brief process, customers will receive an update on their account and credit facilities directly to their mobile phone. Once registered, customers can order a credit card and checkbooks free of charge.
Pepper, which is currently available only to domestic customers in Israel, joins the free mobile payment app “Pepper Pay” which was released to app stores several months ago. Pepper Pay allows customers of all Israeli banks to quickly transfer money to any beneficiary from their mobile phone contact list.
It was also revealed that towards the end of 2017, Leumi will also launch the “Pepper Invest” mobile app, which will enable trading in securities.