Discovery Bank hits 1 million accounts, expands banking and lifestyle benefits

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

The Bank has just announced the one million account milestone and unveiled exciting new products including Vitality Pay as you Gym, the introduction of the Discovery Account – available to Discovery Group customers and enhanced travel benefits like the access to The Lounge, a strategic partnership between Discovery and SAA providing access to airport lounges for Bank clients.

Hylton Kallner, CEO of Discovery Bank, said: “The Bank has evolved rapidly and built a unique and powerful digital banking and technology capability.

“This is now being rolled out as the de facto operating system for Discovery Group in South Africa.”

“Discovery Bank’s digital payments technology, advanced security features and shared-value rewards capabilities represent a unique opportunity to bring new digital products and services to all of our customers.”

Discovery Bank has firmly established itself as South Africa’s leading digital bank, operating a full-service branchless bank through its banking app that covers the entire retail market, driving high levels of engagement, use and customer value.

This value is reflected in the one million accounts held by over 450,000 customers, with over R11 billion in deposits and R4.5 billion in credit advances today.

During its Product Update Briefing with Financial Advisors today, the Bank announced its latest product enhancements:

1. A more rewarding travel experience with Vitality Travel

Vitality Travel launched in March this year, offering a single, convenient booking platform that integrates travel partners, discounts and other travel services through Discovery Bank.

Since its launch, in the space of four months, Discovery Bank customers have saved an average of 31% per flight.

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With the comprehensive rewards and personalized experiences offered by Vitality Travel, Discovery Bank makes travel as convenient and relaxing as possible for all Discovery customers.

The following new benefits are now available to Discovery Bank customers:

  • Access to The Lounge, a partnership between Discovery Bank and SAA, which offers customers an elevated pre-flight experience with enhanced comfort to refuel body and soul, such as premium coffee and beverages superior and healthy dining options. The lounge offers a restful ambient space where guests can connect or log in before their great adventures. As an introductory offer, customers with Platinum, Black or Purple Discovery cards can enjoy unlimited use of The Lounge until the end of 2022 at OR Tambo (domestic and international departures), Cape Town airports and King Shaka.
  • In addition to domestic departures at OR tambo and Cape Town airports, Priority Fast Track is now also available at international arrivals at OR Tambo international airport for Discovery Bank purple cardholders.
  • SAA and CemAir will also join the Vitality Travel flight partner network, complementing Safair, Airlink and LIFT to complete a comprehensive discount flight offering on all SA domestic and regional flights.
  • Accommodation listings on the Vitality Travel platform now also provide access to properties listed on Booking.com at their best available rates.

2. Vitality Pay as you Gym

Making physical activity more accessible to all Discovery customers, Discovery Bank will offer Vitality Pay as you Gym to all customers, including those with a Discovery account.

It’s easy to use and customers can access over 170 Virgin Active and Planet Fitness clubs nationwide.

Customers simply walk into a club, scan the QR code at the entrance, seamlessly pay the access fee of between R75 and R100 (depending on establishment) from a Discovery Bank transaction account, d a credit card or using Discovery Miles, and enjoy their workout. .

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As a special introductory offer, Discovery customers can use Vitality Pay as you Gym for free and unlimited between June 20 and July 31, 2022 and get a free smoothie after their first visit.

3. Discovery account

Discovery customers who do not yet have a bank account now have exclusive access to the Discovery account.

It is a fully digital bank account with no monthly fees, easy to activate; customers can access their full Discovery product portfolio within the app and also have access to these benefits:

  • The Vitality Travel booking platform and its unique rewards with 10% savings on local and international flights (up to 35% for Vitality Health members) on all domestic and regional flights – including Airlink, FlySafair, LIFT, South African Airways and CemAir – as well as on accommodation and car rental. The platform also includes access to properties and the best rates available on Booking.com so customers can book everything in one place, with the option to pay with Discovery Miles and use Vitality service benefits. Travel.
  • A Discovery Miles account where customers can track and record the Discovery Miles they earn on their Discovery products (including their Vitality Health and Vitality Drive benefits). Customers can convert their Miles into cash and automatically benefit from a reduction of up to 15% when they spend Discovery Miles – doubling up to 30% reduction on Miles Ð-Day (15e of each month).
  • Discovery Pay, the digital payment capability for real-time payments. This includes Health Pay, through which members of the Discovery Health Medical Scheme can integrate payments for out-of-pocket medical expenses. Members can instantly pay for all out-of-pocket expenses for participating GPs, pharmacies, hospitals, pathologists, radiologists and other healthcare providers directly from a linked Discovery Bank account.
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“Our first million accounts is an endorsement of our shared-value banking model and provides us with a strong foundation to continue disrupting the market.”

“With all of the new services and capabilities announced today, our goal is to do just that and further improve our customers’ banking, travel and payment journeys, and make Discovery Bank the operating system for all Discovery customers and products.” Kalner concludes.

Other notable innovations since the Bank’s launch in 2019 include:

  • Put customers in control of their interest rates with Dynamic interest rates.
  • The Silver Vitality program that helps customers manage their money well and rewards them for it.
  • Discovery Miles, the world’s first shared-value rewards currency that’s worth more than cash. On the 15th of every month, customers can get up to 40% off when they spend their Discovery Miles at major retailers in South Africa.
  • Vitality Money Financial Analyzer – a state-of-the-art budgeting tool with smart notifications to keep clients on track to meet their financial goals.
  • Vitality Journey – providing customers with the most rewarding travel platform with discounts on airfare, accommodation and car rental across the widest range of partners – all in one place.

Discovery Bank is revolutionizing the banking industry by combining innovative technology and cutting-edge digital capabilities with the Group’s understanding of risk and behavior change to create a new category of banking centered on shared value.

This unique approach is driven by Vitality Money, which measures how well customers manage their money – the better they do, the higher their Vitality Money status and the greater the value they receive, all through a Value Stack. sharing of unprecedented and personalized rewards.

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