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Discovery Bank has released new data on the growth recorded during its first full year of operations, including the number of clients it has registered.
The financial services group announced on Thursday (December 10) the appointment of Hylton Kallner as Chief Executive Officer (CEO) of Discovery Bank, effective January 1, 2021. Kallner succeeds Barry Hore, as the bank has completed its construction and migration phase, during which several important milestones were reached.
Discovery said it attracted more than R5 billion in retail deposits, along with a ‘strong track record’ in credit utilization, with more than 531,000 accounts in the hands of 295,000 clients.
“In just under two years since its launch, Discovery Bank’s deposits are growing three times faster than the market, with strong growth in customer spending of R12 billion.
“Discovery Bank is mobile-first and deposit-driven, providing clients with sophisticated lending capabilities right out of the box. It is the seventh largest credit card provider in South Africa, with a 65% lower delinquency rate compared to the market, having granted more than R3.75 billion in credit. “
Discovery CEO Adrian Gore said from the beginning the bank focused on the successful migration of clients from the FNB joint venture to the Discovery Bank platform.
“While this was happening, all aspects of the bank were fully operational, including our fully digital integration and compelling rewards structure, and we are pleased that 50% of these customers have already upgraded to Discovery Bank,” he said.
Gore said the migration of approximately 223,000 customers to the Discovery Bank system also required significant coordination with the support of Visa.
“Although our goal was to keep the process as simple as possible, it sometimes affected our ability to maintain the excellent levels of service that our customers expected from us.
“Since then, we have placed an enormous emphasis on continuing to innovate and improve the customer experience, which is evidenced by the positive way in which the latest rewards and digital enhancements are being received and the recent recognition by the Ombudsman for Banking Service as the best dispute resolution bank. in the smaller bank category, ”Gore said.
Other key Discovery data points include:
- Discovery said its banking app has been downloaded more than 344,000 times;
- Discovery Bank cards slipped or punctured 1.4 times per second with at least 72 other bank transactions per minute;
- The bank said it receives more than 44,000 calls a month and solves 61% of customer inquiries during the first interaction;
- In 2020, Discovery Bank customers earned more than 4 billion Discovery Miles and spent 3.1 billion Discovery Miles across partners;
- Customers were rewarded with more than 1.6 billion Discovery Miles for healthy behavior.
“Our experience during this first year has shown us that our model, driven by incentives and rewards, is already succeeding in achieving intended results and changing people’s behavior with their money,” said Gore.
“Building a completely new bank without legacy systems has allowed us to combine innovative technology and digital capabilities, as seen with the addition of contactless banking solutions such as Discovery Pay and virtual card.
“With Discovery’s proven understanding of risk and behavior change, we truly believe that our shared value bank, the first of its kind, will create a stronger and better society.”
Read: Discovery Bank appoints new CEO
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