Charles Esther
Rakefet Russak-Aminoach has had a remarkable journey, transitioning from the world of corporate banking to venture capital.
Her career path was anything but conventional, marked by multiple leadership roles across major corporations.
She began her career as an accountant, eventually rising to CEO at KPMG Israel, before stepping into the role of CEO at Bank Leumi.
During her tenure at Bank Leumi, she led a massive technological shift, including becoming Salesforce’s first customer in Israel and pushing the bank into the digital age.
Her most significant achievement in banking was founding Israel’s first mobile-only bank, a move that proved to be a game-changer for the financial industry in the country.
Now, Russak-Aminoach is focused on venture capital, serving as Managing Partner at Team8, an Israeli startup foundry.
She shared her insights on her career and the future of technology, particularly artificial intelligence (AI), in an exclusive interview with Business Insider.
The Path to Team8
When Russak-Aminoach decided to step down from her role at Bank Leumi, she knew she wanted to stay in the tech industry, Israel’s most dynamic sector.
“I didn’t have the option that many CEOs have — to take on a larger company. Because there wasn’t one,” she said.
At Bank Leumi, she worked closely with fintech companies and spearheaded the development of Israel’s first neobank.
She also created Leumitech, a successful segment of Bank Leumi tailored to startups, an idea that stemmed from her belief that banks needed to cater specifically to the startup ecosystem in Israel.
Her move to Team8 was driven by her desire to be at the forefront of tech innovation, especially in the fields of cybersecurity, fintech, data, enterprise tech, and digital health.
Team8, where she now works, has already helped build 23 startups and invested in 25 others, with a team of 80 employees and 12 partners.
The Impact of AI on Jobs and Industries
Russak-Aminoach is particularly vocal about the upcoming disruption AI will bring to various industries.
She firmly believes that AI will drastically change the job landscape, particularly in sectors like banking.
“AI is still new for many, and I don’t think we have seen the full impact. It’s just the beginning,” she stated.
She emphasizes that while AI can replace many functions, it will also create new opportunities and enhance the efficiency of existing processes.
In her view, AI will completely transform financial services by automating tasks that were once carried out by people.
“We have lots of functions that were built with people, and now we are embedding AI into them,” she explained.
Although AI may lead to job reductions in some areas, Russak-Aminoach does not view it as a threat.
“We’ve seen technological advancements before, and they’ve never gone in the wrong direction,” she said, pointing to how previous revolutions have resulted in new job categories.
AI’s Role in Credit Underwriting and User Experience
Having a background in credit, Russak-Aminoach is optimistic about how AI can improve credit underwriting.
She believes that AI can make the process more efficient, reduce human error, and provide a better user experience.
“The tech will enhance credit underwriting. It will be much more efficient, and it will be less risky because humans make mistakes,” she said.
She remains confident that the growth of AI will lead to better outcomes for industries, particularly in terms of accuracy and user satisfaction.
Personal Use of AI
Russak-Aminoach’s personal use of AI is a reflection of her belief in the transformative power of the technology.
“I don’t know how I ever just Googled things. I completely left Google. I only use ChatGPT now,” she admitted.
She uses AI to manage her day-to-day tasks, including writing emails.
“I dictate, I don’t even write. I’ll say, ‘I need an email saying XYZ,’” she explained.
With AI helping her draft responses, she’s able to efficiently handle a large number of emails each day.
“ChatGPT will ask, ‘Do you want it to be more casual, or more polite, or more formal?’ It’s incredible,” she added.
This seamless integration of AI into her work life demonstrates how Russak-Aminoach embraces the technology’s potential to optimize both professional and personal productivity.
Conclusion
Rakefet Russak-Aminoach’s career trajectory exemplifies the power of embracing innovation and disruption.
Her shift from corporate banking to venture capital, alongside her foresight into AI’s transformative potential, highlights the importance of adapting to new technologies.
As a managing partner at Team8, she is leading the charge in developing cutting-edge startups, with AI being a critical focus in reshaping industries and the workforce.
The future may be uncertain, but Russak-Aminoach remains optimistic about the role of technology in creating new opportunities and driving growth.
