{"id":105325,"date":"2015-11-28T11:00:50","date_gmt":"2015-11-28T09:00:50","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=105325"},"modified":"2015-11-27T16:55:17","modified_gmt":"2015-11-27T14:55:17","slug":"more-details-emerge-on-discovery-bank-launch","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/105325\/more-details-emerge-on-discovery-bank-launch\/","title":{"rendered":"More details emerge on Discovery bank launch"},"content":{"rendered":"

Discovery recently announced it is planning<\/a><\/strong> to establish a retail bank, which will compete against ABSA, FNB, Nedbank, and Standard Bank.<\/p>\n

Speaking to CNBC Africa<\/strong><\/a>,\u00a0Discovery CEO Adrian Gore said they have had tremendous success with their joint venture with FNB on the DiscoveryCard \u2013 Discovery\u2019s credit card.<\/p>\n

This success gave them the impetus to look at building a full service retail bank.<\/p>\n

\u201cGiven our market position and client base, combined with our product set, we think the opportunity to build a quality bank is real,\u201d said Gore.<\/p>\n

He said they have applied for a banking licence, and are currently finding the best people for leadership positions at the bank.<\/p>\n

Gore said\u00a0they will move their DiscoveryCard customers<\/a><\/strong> from FNB to their own platform as part of their retail banking plans.<\/p>\n

Discovery Bank will do a few things differently<\/h3>\n

Gore said they will look to do a few things differently when setting up their bank.<\/p>\n

\u201cWe are doing this without taking any shortcuts. We are attracting an exceptional team, we are putting a lot of capital into it, and we are carefully looking at all the technology issues.\u201d<\/p>\n

\u201cGiven the nature of our client base \u2013 which is right in the mass affluent base \u2013 we cannot have a niche product on the side. It has to be a full service offering.\u201d<\/p>\n

He said they will ensure their current customers will be happy to make Discovery their default bank.<\/p>\n

Their focus, like with the Vitality products, will be to add value for clients. \u201cIf you do not add value to customers, you don\u2019t get them.\u201d<\/p>\n

Gore\u00a0could not say when the bank will be launched. \u201cIt will take some time. We have no banking licence yet, and we are currently just going through the regulatory process.\u201d<\/p>\n

He said it may\u00a0take a few years.<\/p>\n

Discovery Bank has great potential<\/h3>\n

South African banks which are currently serving the affluent market \u2013 ABSA, FNB, Nedbank, and Standard Bank \u2013 have reason to take notice of Discovery\u2019s retail banking ambitions.<\/p>\n

Former FNB CEO Michael Jordaan, who was behind making FNB the most innovative bank in the world<\/a><\/strong>, said the\u00a0Discovery Bank has great potential.<\/p>\n

\u201cI think that Discovery Bank has the potential to be a big disruptor and a huge success, as it has been in other pockets of the financial services industry,\u201d Jordaan told MyBroadband.<\/p>\n

More on banking<\/h3>\n

Highest paid banking CEOs in South Africa<\/a><\/strong><\/p>\n

Things South Africa is good at: banking, mobile and regulation<\/a><\/strong><\/p>\n

SA banking CEO pay vs the world<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Discovery recently announced it is planning to establish a retail bank, which will compete against ABSA, FNB, Nedbank, and Standard Bank.<\/p>\n","protected":false},"author":31,"featured_media":105381,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[4883,26],"class_list":["post-105325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-discovery","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/105325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=105325"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/105325\/revisions"}],"predecessor-version":[{"id":105517,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/105325\/revisions\/105517"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/105381"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=105325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=105325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=105325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}