Discovery: Bank hits 1 million accounts, expands banking and lifestyle benefits
Johannesburg, June 20, 2022 – 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 more than 1 million accounts since its public launch in 2020.
Today, as the Bank announced the milestone of one million accounts, it unveiled exciting new products including Vitality Pay as you Gym, the introduction of the Discovery Account – available to Discovery Group customers and travel benefits such as 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 deployed as de facto operating system for Discovery Group in South AfricaCalifornia. 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 his product update briefing with financial advisors today, the Bank announced its latest product enhancements:
- 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 are save on average31% per flight. 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.
What follows new benefits are now available to Discovery Bank customers:
Access to The living rooma partnership between Discovery Bank and SAA, which provides customers with an elevated pre-flight experience with enhanced comfort to re-energize body and mind, such as coffee and premium drinks, and healthy dining options. The lounge provides 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, Fast Track Priority is now also available on international arrivals at OR Tambo International Airport for Discovery Bank purple cardholders.
- SAA and CemAir will also join the Vitality Travel network of flight partners, complementing Safair, Airlink and LIFT to complete a full offer of discounted flights on all SA domestic and regional flights.
The Vitality Travel platform lodging listings now also gives 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 just go to a club, to analyse QR code at the entrance, pay transparently access fees between R75 and R100 (depending on institution) from a Discovery Bank transaction account, credit card or using Discovery Miles, and enjoy their coaching.
As a special introductory offer, Discovery customers can unlimited use of Vitality Pay as you Gym for free 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. He 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 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.
“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 to further improve our customers’ banking, travel and payment journeys, and enable Discovery Bank as the operating system for all Discovery customers and products“, concludes Kallner.
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 – provide customers with the most rewarding travel platform with discounts on airfare, accommodation and