The Zaken Committee did not wait for the entry of new players and drew up a list of measures that strengthened the position of households and small businesses and increased the level of competition. The vast majority of those measures have already been implemented by the Bank of Israel.
These include, among others, making it easier to switch banks and providing the possibility of implementing more bank activities on the Internet, such as opening and closing of accounts. The Banking Supervision Department recently issued an innovative directive that expands the activities that can be implemented by electronic communication, which has a huge potential for increasing competition between the banks.