Discovery Bank has “gone live” in Johannesburg but will only go be formally launched in March next year. Adrian Gore, CEO of Discovery, says it will become the world’s first behavioural bank, as it will incorporate the financial behaviour of its clients to offer rewards that include the likes of dynamic interest rates on savings and borrowings. The bank’s offering will be open to all members of the public in March, not just existing Discovery members. “It will be an omni-channel offering, including branches and digital platforms,” says Gore. The bank will have 3,000 employees at its launch. The bank will give 10% of its equity to black depositors. The new bank will complement the existing, mature businesses in SA, which includes health, life and motor insurance, as well as long-term savings. “We will seek to integrate the offering with all aspects of our existing product lines, that’s a central part of our strategy,” says Gore. The obvious starting place for the bank are the 350,000...

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