Discovery Bank builds on the success of behavioural economics – a breakthrough way of understanding human nature, which became widely known after Discovery’s Vitality was a world leader in years before this concept was mainstream.

“With the latest features, our clients have access to a full range of financial capabilities in one place – our digital banking platform. This platform is not only transforming banking services and client behaviour to manage money well but is also connecting different components of Discovery’s products and services for a seamless client experience across the Discovery Group,” says Hylton Kallner, CEO of Discovery Bank.

Since 2014, there has been a rise in fintech offerings across a variety of specialised finance-related services, such as investments and trading, digital payments, mega-app platforms, data and advice tools, and behavioural and rewards systems.

These services in many instances, however, remain siloed and fragmented, and it is rare for people to access all these capabilities on one platform – something Discovery Bank is changing.

One exciting new innovation is Vitality Money, which creates an awareness of financial behaviours and puts people in a position to manage their money well. Part of managing money well is knowing exactly what you’re spending money on, where you are possibly overspending and following a budget.

Given the fact that 50% of people find manual budgeting complex, the bank automatically creates budgets for clients based on these behavioural trends and sends intelligent reminders and personalised alerts on clients’ financial goals and progress. Using advanced analytics and data processing, Vitality Money Financial Analyser gives personalised insights into monthly income, savings and spending.

Discovery Pay is a new single-payment platform on Discovery Bank for convenient payments across the Discovery network.

“The Discovery Bank app provides the perfect payment platform for Discovery clients to make direct payments to a vast network of healthcare and Vitality providers, making these transactions simpler and hassle-free,” says Kallner.

“For example, clients will be able to make health payments through the Discovery Bank app to all hospitals, pharmacies, laboratories and approximately 6 500 General Practitioners by linking their Discovery Bank card to their Discovery Health Medical Scheme membership. Any future possible co-payments will then be automatically settled without the need to submit claims or additional paperwork.”

Better yet, clients will also earn Discovery Miles for these healthcare payments at the same rate as on normal credit card transactions.