The benefits of increased efficiency in banking reach customers: Reduced fees for all customer-executed banking services
The banking system is going through major processes of increasing efficiency and change, which are reflected in a marked reduction in workforces, a decline in salary expenses, a decreased number of branches and tellers, organizational changes and very large investments in technology and innovation.
The Banking Supervision Department is working to ensure that the benefits of the increased efficiency will roll over to bank customers, in two main ways:
- Reduced costs of banking services to a customer using direct channels
- Improved service, availability, and convenience for utilizing banking services, through technological innovation
The Supervisor of Banks said, “We are working to ensure that the benefits of the banking system’s increased efficiency and its digitalization reach the public. Beginning today, every transaction executed by a customer through direct means, such as ATM, application, or on the Internet, will cost less than executing the same transaction through a bank teller, by 10–100 percent. Consuming banking services through direct means is not only less expensive, it is also more convenient and saves customers a lot of time. I call on bank customers that have not yet switched to using direct channels to invest the time in learning the new tools available to them and to begin using them to save considerable time and money.”