Innovation Is Not Just About Tech, but About Identifying Market Needs, Says Bank of Israel Exec
Tzuriel Tamam, the bank's supervisor of credit data sharing, spoke Monday at a fintech conference held in Tel Aviv by Calcalist, Bank Leumi’s tech banking arm LeumiTech, and accounting firm KPMG
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While the bank is open to startup collaboration,, it considers innovation to be more than just new technology, Tamam said. Its goal is to identify and anticipate market needs, he said.
"Throughout its financial life, each Israeli household pays hundreds of thousands of shekels in the form of commissions and interests," Tamam said. "Can that be cut and made more efficient? Of course. But to know where to cut and what needs to be more efficient—that’s innovation, and the juncture where a change creates value for consumers is the juncture that could create a new market."