Discovery Bank client numbers revealed

[Jamie McKane]

Discovery Bank client numbers revealed

Discovery released its interim results for the six months ended 31 December 2019, which showed that Discovery Bank now has 78,000 clients with 180,000 accounts.

Discovery Bank was launched in November 2018 with products designed to improve the money management of clients.

 

[Aharon]

I think it's quite little?

 

[Thor]

Accounts is a silly metric - unique users and AUM is all that matters

 

[Thor]

I think it's quite little?

Well that is R23.4 Million per month (280 Million p/a) just for 'admin fees'.

 

[RudderVator]

Well maybe if they didn’t have the worst launch strategy ever it wouldn’t have happened. Customer service is already a joke and they only have a couple of clients by the looks of it.

 

[MrG]

I assumed immediately the headline is referring to a data breach. What a time to be alive.

 

[Nom Chompsky]

That's quite bad numbers I would have thought, especially since Discovery had a huge database from people who are on Discovery Medical Aid.

 

[Polymathic]

But the problem is their target demographic is the demographic that is leaving the country in droves

 

[Radioboy]

I wanted to move my Platinum Discovery Card that was on the FNB platform to Discovery bank but as a gold card. They refused the downgrade. So I moved on.

 

[RandomGeek]

I assumed immediately the headline is referring to a data breach. What a time to be alive.

LOL same here, me too

 

[RandomGeek]

I have nothing against Discovery bank - their product just seems very similar to those on offer by the other banks - or am I missing something?

 

[LCBXX]

Is that R15 per EFT?? No details on per-transaction fees etc.

 

[Deleted member]

That's madness............check those fees out

 

[supersunbird]

View attachment 787555
Is that R15 per EFT?? No details on per-transaction fees etc.

My handful of debit orders would cost like a R100pm.

/laughs in Capitec

 

[jambai]

the people they are targeting are leaving in sa.
the real top of the market have private banks
the bank is buggy .not sure the IT skill is in sa to fix
they pissed off people with race issue and keep on moving goal posts in vitality etc
the product is average in my view and expensive
So from me ...no thanks .They still living on the vitality bias of being market leader

 

[LCBXX]

My handful of debit orders would cost like a R100pm.

/laughs in Capitec

You can laugh in Nedbank, if those fees are per-transaction.

 

[boboudts]

Does Discovery Bank still practice it's unlawful racial profiling?