Digital-first bank Discovery Bank has unveiled new products and services, including an artificial intelligence (AI)-driven offering, called Discovery AI.
This was announced at the 2025 Discovery Bank Adviser update this morning, where CEO Hylton Kallner also introduced “Vitality Money”, as well as account security through a “Digital Account Vault”.
Kallner said several trends are affecting financial services globally, including generative AI. He said the bank recognises the potential to utilise AI and sophisticated data technologies that are emerging in real-time.
Discovery AI is the culmination of data models and AI capabilities the bank has been investing in over multiple years, he explained. Kallner noted that the service has been operational for several months in the Discovery Bank call centre and among Discovery bankers.
The offering that is “coming soon” is described as an AI capability that powers a more personalised and intelligent digital banking experience.
Clients will be able to access Discovery AI through the bank’s WhatsApp channel. After being securely authenticated in the app, clients can use the set of capabilities through text, voice notes or images to get tailored answers around their forecast spending, savings patterns, budgets, tax certificates and other documents.
It also allows clients to set up alerts and reminders, creating a virtual private banker capability. However, human support will still be available to them, he added.
“We’re now making this available in the simplest way to our clients, exposing it at the front-end on a 24/7 real-time basis. We’ll be demonstrating private banking through Discovery AI to the entire Discovery client base. It is the next evolution of service from our perspective.”
Following a live demo during the event, Kallner described Discovery AI as the bank’s “most powerful Discovery service and data channel” it has created.
Discovery Bank was first announced in November 2018 and launched publicly in 2020, billing itself as the “world’s first behavioural bank”. Its digital banking peers include TymeBank and Bank Zero.
According to Kallner, the bank, which now has over 1.1 million clients, onboards nearly 1 500 new clients daily, and client growth increased by over a third over the last year.
The Discovery Bank app is the most widely used digital platform across the Discovery Group, he added.
“We see a future where banks connect seamlessly with every aspect of a client’s life – their health, finances, lifestyle and aspirations. In this product release, we’re enhancing our offerings in five key areas to achieve this vision: financial wellness, account management and control, security, intelligence and personalisation, and shared value.”
“The banking industry is evolving at an extraordinary pace. Digital disruption, changing consumer expectations, and the power of AI and data have completely redefined what financial services can offer.”
Enhanced security features include new card and device management functionality, fraud monitoring and persistent warnings through the Digital Account Vault.
According to the bank, it is constantly reviewing how to better secure clients’ money and enhance its multi-layered security features. These include in-app fraud warnings, which remind clients to verify who they are speaking to if they are on a call when opening the app.
The protection tools will now include an additional layer of security to move a client’s most valuable accounts to a digital vault that can only be accessed via a client-selected security code.
It also gives clients the option to enter a custom panic code to silently alert the bank if they are accessing these accounts in the digital vault under duress.
“Once you enter your chosen panic code, transactions will continue to be processed as normal, but it will alert our fraud management team. They will start monitoring transactions and, when necessary, activate an emergency response – including alerting law enforcement and armed response.”
He said the Discovery Bank app will link clients to emergency services with Discovery 911 when they need it. “By integrating these services directly into our app, we make it easier to access emergency help, whether it’s medical, roadside or home-related.”
To reward financial wellness and planning, Vitality Money is designed to empower clients to manage five controllable behaviours which will help prevent 80% of situations where they are unable to meet their financial obligations.
Kallner said: “Planning is an essential foundation that empowers people to adopt these behaviours because it aligns short-term goals with long-term aspirations. That is why we’re rewarding clients for taking steps to improve their financial knowledge, utilising advanced budgeting tools, and implementing long-term financial and estate planning, including access to personalised wills and estate planning services through Discovery later in the year.”
Share