Increasing financial awareness in Arab society Tour by members of the Bank of Israel management, and updates from the field
Bank of Israel Director General Shulamit Geri, Supervisor of Banks Yair Avidan, and Information Technology Department Director Lior Georgi Kafr Kassem and Taibe to meet participants and talk to them about the importance of financial awareness.
The Bank of Israel Director General held a discussion with the participants, during which she discussed the gaps in financial literacy in Israeli society in general and in Arab society in particular. She noted that the Bank of Israel’s objective is to narrow these gaps through a variety of ways, including activities such as this. The Director General noted the importance of providing practical tools for responsible financial conduct, which will help recipients conduct their financial activity independently and in an informed way.
The Director General emphasized the great importance of teaching financial literacy to the younger generation, and that society in general has the responsibility for helping in this effort.
The Supervisor of Banks noted that the banking system is undergoing many changes, and that many of the processes it is leading in order to advance competition are coming to fruition. These processes are strengthening the consumers’ financial conduct, and will help them improve their situation vis-à-vis the banks. It is therefore important that consumers survey the market, compare the terms and conditions offered by the banks, and conduct negotiations with the banks over the terms of their accounts and over various other financial products.
The Supervisor added that thousands of Arabic-speakers who have registered for activities taking place throughout the country are the proof that there is a desire for change and a thirst for knowledge. The Banking Supervision Department will continue vigorously promoting various activities to increase financial awareness, as it has done in previous years, due to the great importance it ascribes to financial awareness among the general public.
Following the lectures, participants are invited to arrange individual training sessions at their bank branches during July and September. These training sessions will provide emphasis on getting acquainted with the bank’s website; learning how to use the bank’s mobile application; digitally keep track of activity in their bank account; and make transactions using ATMs (cash deposits, check deposits, and more).
A dedicated website in Arabic was established as part of the program:https://smartmoney.org.il/