June 30, 2022

Discovery Bank hits 1 million accounts, expands banking and lifestyle benefits

Over the previous 12 months, Discovery Bank has seen robust deposit development and appreciable traction of its shared-value banking mannequin amongst its shopper base; the enchantment of a full service, shared worth, digital financial institution is mirrored in Discovery Bank’s robust development to over 1 million accounts since its public launch in 2020.

The Bank has simply introduced the milestone of reaching one million accounts and revealed thrilling new merchandise, together with Vitality Pay as you Health club, the introduction of the Discovery Account – obtainable to purchasers of the Discovery group and enhanced journey benefits like entry to The Lounge, a strategic partnership between Discovery and SAA offering airport lounge entry for the Bank’s purchasers.

Hylton Kallner, CEO of Discovery Bank, says: “The Bank has scaled quickly and built a uniquely powerful digital banking and technology capability.”

“This is now being deployed as the de facto operating system for the Discovery Group in South Africa.”

“Discovery Bank’s digital payments technology, advanced security features and shared value rewards capabilities represent a unique opportunity to deliver new products and digital services to all of our clients.”

Discovery Bank has firmly established itself because the main digital financial institution in South Africa, working a full-service branchless financial institution by its banking app that caters for the complete spectrum of the retail market, driving excessive ranges of shopper engagement, utilisation and worth.

This worth is mirrored within the one million accounts being held by over 450 000 purchasers, with over R11 billion in deposits and R4.5 billion in credit score advances at the moment.

At its product replace briefing with monetary advisers at the moment, the Bank introduced its newest product enhancements:

1. A extra rewarding journey expertise with Vitality Journey

Vitality Journey was launched in March of this 12 months, providing a single and handy reserving platform that comes with journey companions, reductions, and different journey companies by Discovery Bank.

Since its launch, within the quick area of 4 months, Discovery Bank purchasers are saving on common 31% per flight.

With the entire rewards and personalised experiences that Vitality Journey provides, Discovery Bank makes journey as handy and stress-free as attainable for all Discovery purchasers.

The next new benefits at the moment are obtainable for Discovery Bank purchasers:

  • Entry to The Lounge, a partnership between Discovery Bank and SAA, which provides purchasers an elevated pre-flight expertise with upgraded comforts to refuel physique and thoughts, akin to premium espresso and drinks, and wholesome eating choices. The Lounge gives a restful, ambient area the place company can join, or get linked, forward of their lovely adventures. As an introductory provide, purchasers with Platinum, Black or Purple Discovery Playing cards can take pleasure in limitless use of The Lounge till the top of 2022 at OR Tambo (home and worldwide departures), Cape City and King Shaka airports.
  • Along with home departures at OR tambo and Cape City airports, Precedence Quick Monitor is now additionally obtainable at worldwide arrivals at OR Tambo Worldwide airport for Discovery Bank Purple Card holders.
  • SAA and CemAir will even be part of the Vitality Journey flight accomplice community, complementing Safair, Airlink and LIFT to finish a full providing of discounted flights on all SA home and regional flights.
  • The Vitality Journey platform lodging listings now additionally provides entry to properties listed on Reserving.com at their greatest obtainable charges.

2. Vitality Pay as you Health club

Making bodily exercise extra accessible for all Discovery purchasers, Discovery Bank will provide Vitality Pay as you Health club to all purchasers, together with these with a Discovery Account.

It’s straightforward to make use of and purchasers can entry greater than 170 Virgin Lively and Planet Health golf equipment nationwide.

Shoppers merely go to a membership, scan the QR code on the entrance, seamlessly pay the entry charge of between R75 and R100 (relying on the ability) from both a Discovery Bank transaction account, bank card or utilizing Discovery Miles, and take pleasure in their exercise.

As an introductory particular provide, Discovery purchasers could make limitless use of Vitality Pay as you Health club free of charge between 20 June and 31 July 2022 and get a free smoothie after their first go to.

3. Discovery Account

Discovery purchasers who don’t have already got a Bank account, now have unique entry to the Discovery Account.

It’s a absolutely digital banking account at zero month-to-month charges, that’s straightforward to activate; purchasers can entry their full Discovery product portfolio within the app and even have entry to those benefits:

  • The Vitality Journey reserving platform and its distinctive rewards with a ten% saving on native and worldwide flights (as much as 35% for Vitality Well being members) on all home and regional flights – together with Airlink, FlySafair, LIFT, South African Airways and CemAir – in addition to on lodging and automobile rent. The platform additionally consists of entry to properties and the perfect obtainable charges on Reserving.com in order that purchasers can e-book every thing in a single place, with the choice of paying with Discovery Miles and utilizing the benefits of Vitality Journey servicing.
  • A Discovery Miles Account the place purchasers can monitor and save the Discovery Miles that they earn throughout their Discovery merchandise (together with their Vitality Well being and Vitality Drive benefits). Shoppers can convert their Miles into money and they robotically qualify for as much as 15% off once they spend Discovery Miles – doubling to as much as 30% off on Miles Ð-Day (on the 15th of each month).
  • Discovery Pay, the digital funds functionality for actual time funds. This consists of Well being Pay whereby Discovery Well being Medical Scheme members can combine funds for out-of-pocket medical bills. Members can immediately settle any out-of-pocket bills at collaborating GPs, pharmacies, hospitals, pathologists, radiologists, and different healthcare suppliers instantly from a linked Discovery Bank account.

“Our first million accounts is an endorsement of our shared-value banking model and provides us with a strong foundation to continue to disrupt the market.”

(*1*) Kallner concludes.

Different notable improvements since launching the Bank in 2019 embody:

  • Giving purchasers management of their rates of interest with Dynamic Curiosity Charges.
  • The Vitality Cash programme that helps purchasers handle their cash nicely and rewards them for it.
  • Discovery Miles, the world’s first shared-value rewards foreign money that’s value greater than money. On the fifteenth of each month purchasers can rise up to 40% off once they spend their Discovery Miles at main retailers throughout South Africa.
  • Vitality Cash Monetary Analyser – a cutting-edge budgeting device with good notifications to maintain purchasers on monitor to fulfill their cash targets.
  • Vitality Journey – giving purchasers probably the most rewarding journey platform with reductions on airline tickets, lodging and automobile rent throughout the widest vary of companions – multi functional place.

Discovery Bank is revolutionising banking, combining progressive know-how and main digital capabilities with the Group’s understanding of danger and behaviour change to create a brand new class of banking centred on shared worth.

This distinctive method is pushed by Vitality Cash, which measures how nicely purchasers handle their cash – the higher they do, the upper their Vitality Cash standing and the larger the worth they obtain, all by a shared-value stack of unprecedented and personalised rewards.

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