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Discovery launches bank with eyes on 2.3 million customers

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Discovery Bank
Discovery Bank

The Discovery Group on Wednesday launched its first foray into the banking sector with eyes on 2.3 million customers it already has within its fold as potential clients.

Discovery chief executive Adrian Gore said during a media conference in Sandton in Johannesburg that the Discovery Group had about 2 million adult customers and it was also looking to bring 300 000 people that hold Discovery credit cards to the Discovery Bank. These people would be the new bank’s primary target market at its launch to the public in March 2019.

Gore said that Discovery Bank would be the “world’s first behaviour bank”.

The bank will be drawing on the Vitality loyalty plan that it developed at Discovery Health, its medical aid. Included in the benefits to be offered by the Discovery Bank will be access to local airport lounges.

Gore said that the Discovery Bank wouldn’t be disclosing the fees it would be charging at this stage but he said that they would be “market related”.

The plan was for 10% of Discovery Bank to be held by black depositors at the financial institution, he added.

The Discovery Bank is one of a host of new entrants in the local banking sector including the Tyme Digital and Bank Zero.

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