Discovery has unveiled its plans for Discovery Bank – which will be open to the public in March 2019.
The group’s new banking venture is moving forward with the concept of financial health, which it says has less to do with how much clients earn and more to do with how clients manage their money.
Discovery said that it aims to make banking more efficient and move away from traditional banking silos through introducing rewards-based incentives to encourage behavioural change when it comes to money.
The group said that it is taking a “shared-value approach” to banking, which will have clients working with the bank and reacting to societal changes in a loop that continually encourages better financial management.
A big part of this process is changing behaviours, using the wealth of experience gained from Discovery’s Vitality programme in South Africa and abroad.
The group said that just as Vitality has encouraged behaviour change to lead healthier lives, it wants to do the same to encourage customers to be healthier with their money.
What you can do
To make banking and transacting simpler, Discovery is moving into a more consolidated space where customers can use their ties to various Discovery products to be more efficient and managing funds.
The bank will be completely digital, with no bank branches, and will be driven by the Discovery 1 Account.
Here are some other things you will be able to do with Discovery Bank:
- The Discovery 1 Account will be Pay As You Transact, with a Discovery 1 Account Plus bundle offering more comprehensive services – all transactions on the bundle account will be free;
- You’ll get a new ‘portrait’ style Visa card – flipping the traditional landscape-styled cards on their sides;
- You can transact within the Discovery ecosystem – eg, can pay other accounts right from your contacts list, or if you buy medicines, you won’t need physical cash because you’ll already be on the pharmacy’s system;
- Discovery Bank payments reflect instantly and the bank offers real-time EFTs to all other banks in addition to third-party payment platforms such as Samsung Pay;
- It’s a digital bank, and is using available technologies to make signing up easier – you can register an account with a selfie, and an account can be registered in as little as 5 steps;
- The group won’t have its own ATMs, but customers will be able to access funds through other banks’ ATM networks;
- You will be able to earn rewards with Vitality through the bank’s VitalityMoney – rewards include discounts at major retailers, fuel rewards, health contracts and lower prices on travel options;
- You get interest rates based on your VitalityMoney status – with Diamond customers having lower interest rates;
- You will be able to actually monetise your Vitality points and deposit them directly into your bank account;
- You can earn interest on your account balance, which gets paid into a Vitality savings account;
- Vitality points and access to rewards can be earned through ‘healthy’ transactional behaviour;
- Discovery will open airport lounges, access to which will be available to customers;
- 10% of shares in the bank will be reserved for black banking customers.