Discovery Bank today announced new digital and fintech innovations at its annual product-update event with financial advisers.
The digital bank was first announced in November 2018 and launched in March 2019, when it touted the new offering as the “world’s first behavioural bank” and a fully digital bank that can be joined by anyone with a smartphone.
“With the latest features, our clients have access to a full range of financial capabilities in one place – our digital banking platform,” says Hylton Kallner, CEO of Discovery Bank.
“This platform is not only transforming banking services and client behaviour to manage money well, but is also connecting different components of Discovery’s products and services for a seamless client experience across the Discovery Group.”
The announcement comes after Discovery Bank earlier this month posted an operating loss of R1.094 billion for the year ended June 2021.
In a statement today, Discovery Bank says the banking and financial services environment has been fundamentally influenced by global digital and fintech developments.
Since 2014, it notes, there has been a remarkable rise in fintech offerings across a variety of specialised finance-related services, such as investments and trading, digital payments, mega-app platforms, data and advice tools, and behavioural and rewards systems.
It explains these services in many instances, however, remain siloed and fragmented, and it is rare for people to access all these capabilities on one platform.
“As a completely digital bank, Discovery Bank can quickly adapt to the latest banking trends and implement technology that places clients at the forefront of what banking of the future will look like,” says the digital bank.
Smart forex transactions
From October and through the first quarter of 2022 on a phased basis, Discovery Bank will make available the Discovery Bank Multicurrency FX Account, which it dubs a smart, seamless foreign currency transactions solution.
It explains that following the approval of its authorised dealer licence, Discovery Bank clients will be able to set up forex accounts in euro, US dollar and British pound in minutes and without any additional documents.
Clients can use the Discovery Bank app to transact and trade in real-time in these currencies and with the Multicurrency FX Account, clients can receive international payments and choose to pay in more than 60 currencies. They can also can add a virtual forex card for free, or get a smart Multicurrency FX Account debit card to make withdrawals and purchases while travelling abroad.
Kallner says: “South Africans invest 75% of their assets in the country, yet these investments make up just 0.3% of total investments in the world.
“Diversification in investment portfolios is an important lever to lower investment risk. However, to save and transact in foreign currencies is often considered a luxury that is only available to a few. We are changing this and making it affordable and easy for all our clients to save and transact in the currency of their choice with a Multicurrency FX Account.”
The bank has also partnered with EasyEquities to give clients a view of local and international share trading and investment information inside the Discovery Bank app. Discovery Bank clients can search, buy and trade EasyEquities shares in South African rand, US dollar, and Australian dollar directly from the banking app.
“All clients have to do, is open a trading account directly in the Discovery Bank app, or link their existing EasyEquities account to a Discovery Bank account to trade and store their shares. They’ll always have a detailed breakdown of their shares or exchange trade funds, baskets, property investments and more,” says Kallner.
“There is no additional cost for this service and clients can seamlessly track their trades and invest in international stocks; for example, the biggest global brands like Apple, Google or Tesla, while earning Vitality Money points towards saving in the process.”
The bank notes Vitality Money creates an awareness of financial behaviour and puts people in a position to manage their money well.
“Part of managing money well is knowing exactly what you’re spending money on, where you are possibly overspending and following a budget,” it says.
According to the bank, the newly-launched Vitality Money Financial Analyser will give clients a real-time view of their finances and trends in their spending habits.
The bank also introduced the discovery bank travel platform. Dinesh Govender, CEO of Vitality, says: “Discovery clients value travel and we enjoy making their travel more rewarding. In a typical year, Vitality clients book more than one million flights and 100 000 hotel-room nights through Vitality Travel.
“The new Discovery Bank travel platform will facilitate seamless bookings and great discounts on a wider range of local and international flights, accommodation and holiday packages based on Vitality Health, Drive and Money integration. The platform makes viewing travel options, making bookings and storing travel details much easier, and will offer Discovery Bank clients an extended local airline range, providing discounted flights to over 40 destinations across Southern Africa.”
Single-payment platform
Also announced is Discovery Pay, a single-payment platform on Discovery Bank for payments across the Discovery network.
Kallner says: “The payments market has evolved rapidly, and the Discovery Bank app provides the perfect payment platform for Discovery clients to make direct payments to a vast network of healthcare and Vitality providers, making these transactions simpler and hassle-free.
“For example, clients will be able to make health payments through the Discovery Bank app to all hospitals, pharmacies, laboratories and approximately 6 500 general practitioners by linking their Discovery Bank card to their Discovery Health Medical Scheme membership.
“Any future possible co-payments will then be automatically settled without the need to submit claims or additional paperwork. We’ll also award Discovery Miles for these healthcare payments at the same rate as on normal credit card transactions.”
The Discovery Pay platform enables payments between Discovery contacts with just a cellphone number, no matter where contacts bank.
“From early 2022, Discovery Pay, the multi-channel payment platform, will also include the Pay as you Gym benefit for visits to more than 150 Virgin Active or Planet Fitness facilities nationwide.”
Govender says: “Once [the platform is] activated, clients will receive three visits free at the gym partner of their choice. These gym visits will be automatically logged for Vitality points and will count towards clients’ Vitality Active Rewards exercise goals.
“Clients who use Discovery Pay to fund gym visits as they go will pay as little as R75 at a basic gym facility and R100 at a flagship gym facility. We believe this adds real flexibility to fitness options, and Discovery Pay makes it easier to pay and to earn Vitality points.”
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