The Kallner interview
Discovery Bank is finding ‘familiar’ new clients
Initial data points to the more well-heeled taking up the behavioural bank accounts
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...