One Zero Bank, a digital bank startup based in Israel, is adding artificial intelligence (AI) to its platform, according to a recent report. At the same time, One Zero is raising growth capital, providing an entry point for smaller (accredited) investors on OurCrowd.
It was just last year that One Zero Bank received a full bank license in Israel – a key quality for establishing a valued service. At that time, it was reported that One Zero was the first new bank to receive a license in 43 years. Think about that for a moment.
A recent article in the Jerusalem Post reports that One Zero is now incorporating Generative AI using “Large Language Model technology developed by the Israel-based tech company AI21 Labs.”
This new service is described as being a “milestone” for the banking industry as it enters the pilot stage. The AI platform is said to offer an immediate response with no more waiting on hold – a harsh reality in the traditional banking world. A conversational experience, customers are said to be able to migrate to a real person any time they want.
Zero One’s CEO explains:
“The partnership between AI21 Labs and ONE ZERO Bank represents a significant milestone not only within the banking industry but also in the realm of customer service. Our advanced language models enable ONE ZERO Bank to deliver rapid and precise responses to its customers,” he said. “Simultaneously, these models significantly reduce the time burden on employees, freeing them to concentrate on more intricate tasks that necessitate deeper analysis and personalized advice thus bringing more value to the customer.”
As AI is currently all the rage and new-shiny, it is surprising that another digital bank has not announced something similar.
Zero One Bank offers all of the traditional banking services expected, plus it expects to launch soon investing IE US stocks – a feature most users want. Customers today do not want to jump from one app to another to accomplish related financial tasks. They want one or a few apps that provide diverse financial services efficiently that are reasonably priced. Digital banking can provide all of this.
While Zero One is starting in Israel – it aims to disrupt the “global banking ecosystem by creating a new type of bank,” according to the offering page.
While details of the investment opportunity are not available unless you have an account at OurCrowd, the securities offering is live now if you are interested in reviewing it.
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