After spearheading the digital transformation of Bank Leumi, Rakefet Russak-Aminoach, CEO of the biggest bank in Israel, stepped down to join Israeli venture capitalist firm Team8 as a managing partner in 2020. Russak-Aminoach is now offering her insights on the fintech sector to banks, highlighting the importance of collaboration between the two industries and predicting the future roles of embedded fintech and embedded banking. Russak-Aminoach also believes that artificial intelligence will be transformative for both banks and fintechs. Fintech funding and investments have changed since 2021, says Russak-Aminoach; now, good fintech firms are getting funding and valuations are lower but healthier. She also believes that embedded banking and fintech will be strong strategies for both banking and fintech sectors, making it easier for them to find new customers. According to Russak-Aminoach, banks can partner with fintech firms to integrate services with existing products and customer bases, such as through April Tax Solutions, where customers’ taxes can be prepared in 40 minutes or less and deposited directly into the bank or fintech app. In addition, she thinks that embedding banking services into a partner’s website or mobile app would be more beneficial than banking-as-a-service arrangements that provide compliance concerns. Finally, Russak-Aminoach shared her enthusiasm for generative artificial intelligence, which she believes is enabling a new wave of cost-saving for banks, particularly around contracts.
Tough Times Birth Better Companies: Banker-Turned-VC on Fintech’s Future
Latest from News
Subaru and Dell Technologies team up for AI in cars.
TLDR: Subaru partners with Dell Technologies to enhance driver safety through AI and high-performance storage. Dell PowerScale storage enables Subaru to store and analyze
ANJI Technology disappoints with decreased earnings in FY 2023.
TLDR: ANJI Technology’s Full Year 2023 earnings report shows a decrease in revenue, net income, and EPS compared to FY 2022. Profit margin increased
Invest in 3 hot stocks for booming wearable tech market.
TLDR: Key Points: Article discusses the impact of social media on mental health Provides tips on how to mitigate negative effects In the article,
Innovative startup turns bones into protein-rich nuggets for future foods
TLDR: Startup SuperGround has developed technology that turns bones into a protein-packed paste for food The technology aims to reduce waste, pollution, and the
Time revolutionized with cutting-edge laser technology.
TLDR: Revolutionary advances in laser technology have occurred, thanks to the work of John “Jan” Hall and Jun Ye at JILA and NIST. Their