Discovery Bank’s launch into the competitive local market is yielding strong growth in deposits from a mostly upper market clientele that resembles the demographic of clients the group enjoys in its dominant medical aid scheme.

“The client demographic almost exactly matches our existing Discovery [Health] client base whose members are found in the predominantly higher LSM [Living Standard Measure] categories. But there is a wide distribution where the product appeals to both graduates and millennials but is also equally strong amongst pensioners,” says Discovery Bank CEO Hylton Kallner...

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