It took Discovery 1.5 million man hours over four years to build a bank.<\/p>\n
When the startup opens to the public Monday it will challenge South African lenders with histories going back to 1838, and they\u2019re ready for battle.<\/p>\n
The insurer prides itself on its Vitality offering, a rewards program that gives its 1.9 million customers discounts for exercising or buying healthy food; a concept also being applied to banking clients who keep their finances in order.<\/p>\n
But, while Discovery Bank was getting off the ground, the likes of FirstRand Ltd\u2019s First National Bank and Capitec Bank Holdings Ltd had a head start to bolster their own services and begin a price war.<\/p>\n
Despite the complexities of linking more than 120 systems spanning Discovery\u2019s life, health, short-term insurance and money management businesses, banking customers will see a single interface where they can do most transactions in just three clicks, Discovery chief executive officer Adrian Gore said in an interview in Johannesburg.<\/p>\n
Read about Discovery as the largest distributor of Apple Watches in Africa<\/p>\n
Not all of what\u2019s on offer is completely new. Customers can open an account with a selfie, something already available through FNB, and be fully subscribed within five minutes, about the time it will take to open a TymeBank account.<\/p>\n
Being Fit Pays<\/strong><\/p>\n The company will also transfer 2.1 billion Discovery miles held by existing customers to the bank, which can be converted to e-money or spent at partner stores.<\/p>\n FNB\u2019s eBucks loyalty program allows customers to buy goods online or get fuel discounts, although these accrue monthly, while Discovery e-money\u2019s is instant. Other banks have also sharpened their loyalty programs.<\/p>\n This isn\u2019t 55-year-old Gore\u2019s first rodeo since he founded Discovery in 1992 as a health-insurance administrator, and building it into the country\u2019s biggest.<\/p>\n He has also used partnerships to export Vitality to 18 other countries, including the US, China, Europe, Singapore and Australia.<\/p>\n \u201cThis is a bank, it\u2019s a highly complex animal,\u201d he said. \u201cWe haven\u2019t felt the need to rush it.\u201d<\/p>\n
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