Discovery Bank has announced that it has reached the milestone of one million accounts.
Since launching in July 2019, Discovery Bank has firmly established itself as the one of the leading digital banks in South Africa, operating a full-service branchless retail bank through its banking app that caters for the full spectrum of the retail market, driving high levels of client engagement, utilisation and value. It now boasts one million accounts held by over 450 000 clients, with over R11 billion in deposits and R4.5 billion in credit advances.
To mark the milestone, the bank revealed a range of new products, including Vitality Pay as you Gym, the Discovery Account (available to clients of the Discovery group) and enhanced travel benefits such as The Lounge, a strategic partnership between Discovery and SAA providing airport lounge access for the bank’s clients.
Hylton Kallner, CEO of Discovery Bank, says: “The bank has scaled quickly and built a uniquely powerful digital banking and technology capability. This is now being deployed as the de facto operating system for the Discovery Group in South Africa. Discovery Bank’s digital payments technology, advanced security features and shared value rewards capabilities represent a unique opportunity to deliver new products and digital services to all of our clients.”