“In just under two years since launching, Discovery Bank deposits are growing three times faster than the market, with strong growth in client spend of R12 billion.<\/p>\n
“Discovery Bank is mobile-first and deposit-led, providing clients with sophisticated lending capabilities from the get-go. It is the 7th largest credit card provider in South Africa, with a 65% lower arrears rate compared to that of the market – having extended over R3.75 billion in credit.”<\/p>\n
“While this was happening, all aspects of the bank were fully operational, including our completely digital on-boarding and compelling rewards structure and we\u2019re pleased that 50% of these clients have already upgraded to Discovery Bank,” he said.<\/p>\n Gore said that migrating roughly 223,000 clients to the Discovery Bank system also required significant coordination with the support of Visa.<\/p>\n “Although we aimed to make the process as smooth as possible, it did, at times, influence our ability to maintain the excellent levels of service our clients rightly expected from us.<\/p>\n “Since then, we\u2019ve placed enormous emphasis on continuing to innovate and improve the customer experience, which is evidenced by how positively the latest rewards and digital enhancements are being received and recent recognition by the Ombudsman for Banking Service\u2019s as the best dispute resolution bank in the smaller bank category,” Gore said.<\/p>\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2020\/12\/Discovery.png\")
<\/a>Discovery chief executive Adrian Gore said that from the outset the bank placed a dedicated focus on the successful migration of clients from the FNB joint venture to the Discovery Bank platform.<\/p>\n