Discovery Bank Hits 1 Million Accounts

Discovery Bank
Discovery Bank

Over the past year, Discovery Bank has seen strong deposit growth and considerable traction of its shared-value banking model amongst its client base; the appeal of a full service, shared value, digital bank is reflected in Discovery Bank’s strong growth to over 1 million accounts since its public launch in 2020.

Discovery Bank has firmly established itself as the leading digital bank in South Africa, operating a full-service branchless bank through its banking app that caters for the full spectrum of the retail market, driving high levels of client engagement, utilisation and value. This value is reflected in the one million accounts being held by over 450 000 clients, with over R11 billion in deposits and R4.5 billion in credit advances today. 

“The Bank has scaled quickly and built a uniquely powerful digital banking and technology capability. This is now being deployed as the de facto operating system for the Discovery Group in South Africa,” Hylton Kallner, CEO of Discovery Bank, says.

“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.”

Today, Discovery Bank also announced revealed exciting new products, including Vitality Pay as you Gym, the introduction of the Discovery Account – available to clients of the Discovery group and enhanced travel benefits like access to The Lounge, a strategic partnership between Discovery and SAA providing airport lounge access for the Bank’s clients.

“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. With all of 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.” Kallner concludes.

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