Big changes for Discovery Bank rewards and features

Discovery Bank is launching a host of new features, with the digital-bank welcoming over a thousand cusomters per day.

Discovery Bank CEO Hylton Kallner said the bank continues to see strong growth after hitting 1.1 million customers and adding about 1,500 customers per day.

Kallner added that two-thirds of these customers are new to the group. Moreover, he added that most customers use the app daily, making it the best performer overall.

Since launching in May 2024, the group has also seen a strong performance in its home loans business, with its book standing at R1.2 billion in just nine months.

75% of these home loan sales came from switches from other providers. Many new loans also come from clients entering the property market.

The digital bank is also undergoing a series a major changes in the immediate and near-term future, including new AI tools, Viltality Money improvements, and cybersecurity upgrades.

Firstly, Vitality Money, the bank’s behavioural change programme, now incorporates rewards for financial planning.

Vitality Money previously had five controllable behaviours, which prevented 80% of the situations where clients were unable to meet their financial obligations.

“The data is clear: Discovery Bank clients who engage with Vitality Money are financially healthier, save more and spend prudently. As a result, they enjoy even more rewards through our shared-value model.”

“Planning is an essential foundation that empowers people to adopt these behaviours because it aligns short-term goals with long-term aspirations,” said Kallner.

Thus, The bank rewards customers for improving their financial knowledge using advanced budgeting tools.

Its long-term financial planning services will also expand, offering personalised wills and estate planning services later in the year.

Customers can earn up to 40,000 additional Vitality Money points for planning via four steps, such as creating a will.

Tech upgrades

The Bank will also offer enhanced security features for customers. This includes new card and device management functionalities.

Customers can still create 50 free virtual cards and name each card for easy identification. Customers can now also view all devices, wallets and subscriptions linked to cards.

Customers will now also be able to view transactions grouped by card or device used, allowing them to quickly identify if there is fraud or misuse on their cards.

Discovery also announced an industry-first Digital Account Vault, which provides clients an additional layer of security.

Apart from hiding the account, it will also allow customers to enter a custom panic code, silently altering Discovery Bank if the digital vault is under duress.

“Once you enter your chosen panic code, transactions will continue to be processed as normal, but it will alert our fraud management team,” said Kallner.

“They will start monitoring transactions and, when necessary, activate an emergency response – including alerting law enforcement and armed response.”

The Discovery Bank app will now also link clients to emergency services with Discovery 911 when needed, making it easier to access emergency help, whether it’s medical, roadside or home-related.

Discovery Bank will soon launch Discovery AI, which the group believes will improve accessibility and bring private banking insights and services to its customers.

It added that AI is creating new ways to connect with clients, from predictive insights and seamless digital support to hyper-personalised financial tools usually only for high-net-worth individuals.

Clients will be able to access Discovery AI via the Bank’s WhatsApp channel. After being authenticated via the app, clients can send texts, voice notes, or images to get tailored answers.

The AI will be able to give insights into spending and savings patterns, understand their accounts better, and get suggestions to budget effectively and maximise product features.