Rakefet Russak-Aminoach, managing partner at Team8, a startup foundry, has transitioned from a successful corporate banking career to venture capital. Her journey included serving as CEO of Israel’s largest bank, Bank Leumi, and founding the country’s first mobile-only bank. Russak-Aminoach spoke with Business Insider about how her corporate experience informs her tech investing decisions and her views on the impending disruption caused by AI.
Career Transition to Venture Capital
Russak-Aminoach’s path to venture capital was unconventional. After stepping down as CEO of Bank Leumi, she didn’t have the option to move to a larger company. Instead, she decided to enter the tech industry, which she considered the best sector in Israel. Her experience at Bank Leumi involved working with fintech companies to transform the bank’s technology. She built Israel’s first neobank and created a successful segment for startups called Leumitech.
A cybersecurity incident at Bank Leumi led her to meet Nadav Zafrir, CEO of Check Point Software, who later encouraged her to explore building fintech companies. This connection ultimately led to her role at Team8, where she now leads a group of startups in cyber, fintech, data, enterprise tech, and digital health.
The Impact of AI on Job Losses
Russak-Aminoach believes that job losses due to AI will increase in the future. She argues that organizations must adopt AI to remain competitive, as failing to do so will lead to disruption by others. In banking, she notes that many processes can now be replaced with AI, and responsible CEOs must make this change.
While some may be concerned about the societal impact, Russak-Aminoach draws parallels to the digital revolution. She oversaw significant technological changes at Bank Leumi, reducing the workforce from 14,000 to 9,000 during her tenure. Despite this, she remains optimistic that new jobs will emerge as the world changes.
AI in Credit Underwriting and Personal Use
Russak-Aminoach is particularly interested in how technology can enhance credit underwriting, making it more efficient, less risky, and improving user experience. She predicts that while this may change the role of credit officers, it will not lead to unemployment but rather to new opportunities.
On a personal level, Russak-Aminoach has become a heavy user of AI tools, particularly ChatGPT. She uses it to write emails, answer questions, and has largely replaced Google with this technology. She dictates email content to ChatGPT, which then drafts responses based on her instructions, adjusting the tone as needed.
This adoption of AI reflects her broader belief in embracing technological change to drive progress in various industries.
