Discovery Bank has acquired one million clients, two years ahead of schedule, the digital bank says in a statement issued today.
This follows its announcement earlier this year that it had over two million active accounts.
Hylton Kallner, CEO of Discovery Bank, comments: “While it’s only the beginning for us, we are incredibly proud because it reflects the impact of our unique shared-value model that creates value as clients manage their money well and engage with our products and rewards.”
Discovery Bank received its banking licence in 2017, officially starting operations in 2019 and billing itself as the “world’s first behavioural bank”. Its digital banking peers include TymeBank and Bank Zero.
The bank has, in under five years, grown to a completely digital, comprehensive retail bank offering that is attracting over 1 000 new clients a day, according to the statement.
Kallner says Discovery Bank’s full-service offering is designed to combine digital technology with 24/7 service channels and banker support.
“When we started building Discovery Bank, we envisioned a financial institution that would revolutionise banking by applying the shared-value model we pioneered in insurance and healthcare, and placing a digital bank branch in every client’s hands.
“Our goal is to drive financial inclusion by democratising private banking services to provide all our clients, irrespective of their product type or income, with personalised, excellent digital service and access to dedicated bankers.
“Our one million clients span every age and income group across South Africa and their high engagement levels, the industry recognition for our service, and the additional value we offer as a bank contribute to fast-paced client and account growth.”
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