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Discovery Bank records new milestone with 1m accounts

And launches a Pay As You Gym option.
Image: Moneyweb

Branchless financial services provider Discovery Bank has reached a new milestone of one million registered accounts, held by over 450 000 clients.

The digital bank confirmed in a statement issued on Monday that over R11 billion in deposits has been made since the bank’s launch in 2020, while credit advances worth R4.5 billion have been withdrawn to date.

“The bank has scaled quickly and built a uniquely powerful digital banking and technology capability …. Discovery Bank’s digital payments technology, advanced security features and shared value rewards capabilities represent a unique opportunity to deliver new products and digital services to all of our clients,” says the bank’s chief executive officer, Hylton Kallner.

Kallner says the bank is now being deployed as the de facto operating system for its JSE-listed parent company Discovery Group in South Africa.

In addition to the milestone, the bank revealed that it will be introducing new products which include Vitality Pay As You Gym, access to airport lounges and a Discovery Bank account for all Discovery Group clients.

The Vitality Pay As You Gym product will give clients access to over 170 Virgin Active and Planet Fitness clubs nationwide, where they will pay a fee of between R75 and R100 from their Discovery-related accounts.

“Discovery clients can make unlimited use of Vitality Pay As You Gym for free between 20 June and 31 July 2022 and a get a free smoothie after their first visit.”

The bank confirmed that all Discovery clients will now also have access to a fully digital bank account at zero monthly fees through which they can assess their full Discovery product portfolio in the app as well as benefit from the Vitality Travel booking platform.

According to the bank, its clients save an average of 31% per flight due to its rewards system and will now be able to visit airport lounges through its partnership with South African Airways (SAA), offering clients coffee, drinks and dining options.

“As an introductory offer, clients with Platinum, Black or Purple Discovery cards can enjoy unlimited use of The Lounge until the end of 2022 at OR Tambo (domestic and international departures), Cape Town and King Shaka airports,” it adds.

The digital bank says SAA and privately-owned airline CemAir will join its Vitality Travel flight partner network which includes Safair, Airlink and Lift to complete an offering of discounted flights on all domestic and regional flights.

“Our first million accounts is an endorsement of our shared-value banking model and provides us with a strong foundation to continue to disrupt the market,” adds Kallner.

“With all the new services and capabilities announced today, our goal is to do just this and further enhance our clients’ banking, travel and payments journeys, and enable Discovery Bank as the operating system for all Discovery clients and products.”

Nondumiso Lehutso is a Moneyweb intern.

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Sadly, Discovery is running away from what it did well and received a lot of loyalty for this. The bank was started on wrong principals and is being forced down on all Discovery members, forgetting that they were loyal customers in the first place. This will alienate many and Mr Gore will one day be remembered for a huge mistake – being the big ogre that wants to bank you, insure you car, do you medical insurance and do you life policy….. until you lodge a claim… then they will use all the information against you..

End of comments.

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