Discovery unveils plans for its bank
Adrian Gore, founder and CEO of Discovery, presents what he terms the world’s first 'behavioural bank'
Discovery will have the advantage of leveraging data on its 300,000 existing credit-card holders and about 1-million Vitality members when the group launches its new bank in March 2019. Adrian Gore, founder and CEO of Discovery, presented what he termed the world’s first "behavioural bank" in Johannesburg on Wednesday, saying it will comprise a full retail offering. "It’s going to be a proper bank. It will be omni-channel with physical branches, call centres and a digital platform, but it will be mobile led. "We will launch it at the mass affluent segment, but expect it will appeal to all segments," Gore said. The broad focus is in contrast to other new entrants to SA’s highly concentrated banking sector, which is dominated by Standard Bank, Absa, First National Bank, Nedbank and Capitec. TymeBank, a digital bank controlled by billionaire Patrice Motsepe, will target mainly unbanked and underserved clients and small and medium-sized enterprises, while Bank Zero, which is chaired by ...
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