Business Talk – In conversation with Discovery Bank’s Hylton Kallner

Hylton Kallner is the chief executive officer of Discovery Bank, having replaced Barry Hore at the start of the year.

Kallner has been a part of the Discovery business for nearly 25 years, serving as chief executive officer of Discovery Life, and chief marketing officer prior to that.

His understanding of Discovery’s shared-value business model, along with his extensive experience at Discovery Group, has positioned him well to drive growth for Discovery Bank.

In this episode of Business Talk with Michael Avery, Kallner talks through the findings of the bank’s latest special report which shows South Africans take up to 29 years to change their bank accounts.

Titled “The application of shared value banking: A focus on interest rates and the potential benefits for South Africans,” the report showed that younger clients, and those who are digitally engaged, are 20% more likely to change their banks than the average banking client in South Africa.

Discovery says that changing bank accounts can lead to greater financial resilience for South Africans.

The bank’s research highlighted the impact of three major financial trends which are having a positive effect to increase the frequency at which clients reconsider their banking relationships:

Nature of risk

“Clients who manage their money well are often mispriced due to their socio-economic standing. Conventional banks are unable to segment based on behaviour. With Dynamic Interest Rates, Discovery clients can reduce their interest on borrowings by as much as 6.75% for managing their money well,” says Kallner.

Technology

“There has been a rapid preference for and move towards digital banking and contactless payment solutions, technically making it unnecessary for clients to visit bank branches. The availability of online and digital servicing channels, therefore, reduces the barriers of entry, like long waiting times or administration, resulting in more choice for banking clients and making it easier to move between service providers,” Kallner notes.

Social responsibility

“Reducing major debt and creating a savings culture in South Africa are major socio-economic challenges facing both individuals and society and these are both aspects that banks can help with,” says Kallner.

The full interview is embedded below. You can find all the Business Talk with Michael Avery interviews here.

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Business Talk – In conversation with Discovery Bank’s Hylton Kallner