The FinTech company and licensed bank made the move after operating in stealth mode with invited customers for two years, it said in a Monday (Sept. 15) press release.
Yuval Aloni, co-founder and CEO of the esh Group, said in the release that the financial institution aims to offer “the first fully transparent banking experience.”
“We’ve built a model designed to empower customers with clarity, efficiency and confidence in their finances,” Aloni said. “By making banking simpler and more transparent, we’re creating a foundation where both our customers and the bank can thrive together.”
Esh Bank’s offerings are powered by its eOS technology platform, an artificial intelligence-native, full-stack core banking platform that boosts operational efficiency by eliminating data silos and manual processes, according to the release.
By automating manual back-office processes, the bank has achieved efficiency that enables it to offer the revenue-sharing model while also maintaining “robust profitability,” the release said.
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Esh Bank offers banking services to retail customers and small businesses and does not charge any account fees, per the release. It credits customers’ share of revenues to their accounts each week.
“Esh Bank is an example of how it’s possible to transform an entire industry—the way a bank operates and the way it serves customers,” Nir Zuk, director and investor at esh Group, said in the release. “It’s not just a new bank, but a new way of thinking about efficiency, innovation and value.”
The PYMNTS Intelligence report “Is AI the Master Key to Banking’s Next Era?” found that the adoption of AI tools by the financial sector could redefine not only operational strategies but also the essence of customer interactions.
The technology’s potential to revolutionize the financial industry is evident across various applications, with 72% of finance leaders actively using AI in their operations, the report said.
According to the report, 64% of finance leaders use AI for fraud detection and 42% use it for customer onboarding.
