Discovery – South Africa’s new digital bank of the future

DA-LION-619 said:
Wonder what they'll do better than Capitec
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Did you read the article? Capitec users aren't their target market. They're going after the 'mass affluent base' and current Discovery base. He also said it would be a full service bank, which alone sets the bar higher than Capitec.
 
Chevron said:
Did you read the article? Capitec users aren't their target market. They're going after the 'mass affluent base' and current Discovery base. He also said it would be a full service bank, which alone sets the bar higher than Capitec.
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Well they have to do something different if they're expecting people to switch.
 
DA-LION-619 said:
Well they have to do something different if they're expecting people to switch.
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People in ZA are very brand loyal. They will get people that will switch for the name alone. Could even turn out to be a status thing. The type of people that care about the colour of their card will eat this up.
 
I think this will do well. Here in Germany there are many online only banks which most people use as they offer far lower fees. They aren't the best though and I'm sure discovery will be able to make something better than these offerings
 
Seems they pushed some extra money into their PR and Marketing department, to come up with an few tag lines and make a "huge noise" article. Still have to come up with the actual product.
 
Unless there something exceptionally dastardly in their offering or terms, I will be switching (and leaving FNB). For me, it's just a matter of time.
 
Discovery is late to the party, Capitec does this already.
 
I'd actually consider switching if their products and services are good.
 
McT said:
Unless there something exceptionally dastardly in their offering or terms, I will be switching (and leaving FNB). For me, it's just a matter of time.
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What will make you switch? Obviously if there is a chance that my health insurance premiums can go do, hmmmm.... maybe maybe not. I might just love my ebucks too much.
 
The biggest thing that prevents me from jumping ship, is the hassle. Really - I have so many debits and "things' that it's just a fag to do it. I've felt pushed many times - and come close - but the big banks are very clever - they know just how far to piss you off without actually making you go over the edge. And anyway - where could you go ? They're all equally useless. Capitec look sort of OK - but not quite sophisticated enough. All of my kids are with them, but as I said, I'm just not into the graft to do it. I doubt Discovery will have anything that will make me move. But I'd LOVE to be proved wrong.
 
The other advantage they have, and it's a massive one, is that they won't have the negative connotations the big four have.

I believe this will be the main driver. A big 'proper' bank without all the baggage.
 
keen to see if they will have rewards and whether it compares to FNB/eBucks (I have fairly simple banking requirements)
 
air said:
keen to see if they will have rewards and whether it compares to FNB/eBucks (I have fairly simple banking requirements)
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Bingo.

I've been saying this for years... if you want people to change their behaviour about anything, you have to incentivise them... and imo, price is not incentive enough.
 
air said:
keen to see if they will have rewards and whether it compares to FNB/eBucks (I have fairly simple banking requirements)
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Don't forget FNB is expecting this...and will be upgrading/ increasing ebucks to match. Dropping fees, giving faster credit with better rates.

It's a tough market to enter.
 
They are competing with Capitec now so will be interesting to see what Capitec has in the works.
 
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