[ad_1]
While it’s difficult to launch a bank during a pandemic, everything is on track and the numbers look really good, says Discovery CEO Adrian Gore.
Gore, who was speaking in an interview with Aki Anastasiou as part of What’s Next in MyBroadband Finance series says that Discovery Bank has been in the market for just over a year and is satisfied with the bank’s evolution.
“In many ways, opening a bank during a pandemic is not exactly the ideal context, but it has actually been very good for us,” he said.
“We have deployed the bank and have migrated all the Discovery cards from FNB to Discovery Bank. The core value proposition of a shared value bank around people changing their behavior, managing their money better, and being incentivized and rewarded for doing so, is seeing very good traction. “
Gore said the Discovery data shows that people are engaging with the bank’s Vitality Money system and using it to save on things like deposits.
“I am very happy, I think we are sending the message that if you manage your money well, your interest rates are better and your rewards are better. It’s the first days, the numbers are good, the behaviors are good and I think we are overcoming all the other problems. “
Gore that the ‘financial services of shared value’ model, which the Discovery group pioneered globally, is becoming its own defined category with more financial institutions looking at behavior and how to incentivize behavior change.
“I see our business in South Africa evolving strongly. We are very optimistic about the bank’s ability to create this kind of “composite interface”, integrating us and using us for all its different problems. (It will be) very easy, very rewarding, very simple. “
Gore said the group has a 2023 goal of being the best in its class globally and that this will be reflected in the bank’s growth.
“In South Africa, five years from now, we would like to see the bank on a considerable scale and all of our other businesses coming together as a composite. (We want) people to get really good value for managing money, managing their health and managing their driving. “
Hard times
While Gore admitted that he was optimistic and remains optimistic about South Africa, he said this was not “naive” optimism and that instead it was important to look for positive signs.
“We are coded to look for only negative signals. I think people should focus on finding the positive arena, not just the negative ones, and they will make better decisions. “
Gore said opportunities are also “undervalued” in tough times. People are distracted, competitors are distracted, and asset prices are lower, he said. “Ironically, although it is difficult and requires courage, it is actually easier to build in difficult times.”
He said that the whole world is facing difficult times and that while it was important to be realistic about it, it was also important to be optimistic.
“I have always believed that attitude drives results, not the other way around. I think the country has potential. I believe that leaders have to illustrate leadership, positivity, invest and encourage.
“The talent is here and we have the capacity to do that. We are in a difficult time, so we need to back the good guys, support investment and growth, and we need to build and not get distracted. We will get out of this. “
Read: Momentum withholds dividends amid Covid-19 uncertainties
[ad_2]
