Supervisor of Banks Dani Hahiashvili: “The advanced tool that we are launching today joins the many consumer-related reforms that the Bank of Israel has advanced in recent years. The tool enables banking system customers to properly compare banking services and products, assess customer satisfaction from those services and products, and make informed decisions after examining all of the information in a simple, accessible, and convenient manner. The new tool has the potential to increase competition in the banking system, since it helps customers be proactive in consuming banking services and products.”
In recent years, the Bank of Israel has led numerous reforms with the objective of increasing transparency and strengthening the customer’s position. These have included the publication of interest rates, the ability to change banks online, open banking, and more.
As an additional step, the Banking Supervision Department is broadening the information that is currently available, and is publishing an advanced tool that makes it possible to compare the different banks, easily, and in accessible language, on the following topics (among others):
- Customer satisfaction with the service provided to them, including from the bank’s call center, branch services, website, and cellular application, as well as the customer’s perception of fairness, and more;
- Deployment of bank branches and ATM machines of each bank;
- Fee tracks;
- Securities fees;
- Interest rates.
The tool was formulated in conjunction with the Israel National Digital Agency, and is intended to make it easier for the banking system’s customers to clearly compare the services and products offered to them by the various banks, work to improve their terms, and make informed decisions after surveying the market.
To access the Bank of Israel’s Equalizer, please click here.