Discovery Bank doing live system tests

[Neoprod]

It's not working yet. My bank account is still empty.

You have to run on the treadmill for 20 minutes before you can do a balance enquiry. Make sure your Discovery-approved fitness tracker is synced to your phone before you log into your banking profile.

:twisted:

 

[backstreetboy]

Then what is a low LSM?

:crylaugh:

 

[HavocXphere]

Reckon they'll grab some serious market share.

The have the financial muscle and there is definitely space to crowd out the slow moving big players with a more fintech style solution.

i.e. Capitec except more fintech.

I'd be concerned too as a big bank

 

[Tinuva]

Reckon they'll grab some serious market share.

The have the financial muscle and there is definitely space to crowd out the slow moving big players with a more fintech style solution.

i.e. Capitec except more fintech.

I'd be concerned too as a big bank

I will play the wait and see game.

Discovery can change too quick for my liking. They may start with a super awesome product, then change it 6 months down the line because they losing money, because customers are using it to the full potential.

Was there, played their game. Only if it is truly better without them finding a way to stuff it up, then maybe.

 

[Tman*]

You have to run on the treadmill for 20 minutes before you can do a balance enquiry. Make sure your Discovery-approved fitness tracker is synced to your phone before you log into your banking profile.

:twisted:

This.

 

[km2]

Have they mentioned if they're going to convert existing Discovery/FNB Credit Card holders across, or is this going to be an entirely new application process with the existing FNB cards running indefinitely?

Edit: I also hope they've learnt how to embed a damn credit card chip properly, I've had two Discovery Credit Cards over the years that both were a hassle with Chip-and-PIN compared to every other credit card used (including other FNB cards).

 

[BluStorm]

Still missing car, loans other than house, value added and investment to be even considered by me as a bank.
.

Well, since they have Discovery Insure with Vitality Drive, I can't see them NOT having vehicle loans. And they have NCA approval for "the advancement of credit to the public." So maybe not saying anything outright, but if you read between the lines...

Have they mentioned if they're going to convert existing Discovery/FNB Credit Card holders across, or is this going to be an entirely new application process with the existing FNB cards running indefinitely?

Edit: I also hope they've learnt how to embed a damn credit card chip properly, I've had two Discovery Credit Cards over the years that both were a hassle with Chip-and-PIN compared to every other credit card used (including other FNB cards).

Since they now have their own VISA BIN-numbers, it wouldn't make sense for them to continue to pay FNB for use of theirs?

I hear you, none of my other cards seem to have chip issues, although to be fair, I do use my Discovery card way more than others.

 

[Mystic Twilight]

While it seems obvious, I would say Discovery's key strength is how well they intend to integrate their various Discovery and Vitality branded products and services. If they manage to get that covered at affordable rates then for the most part they would give the traditional big 4 serious competition (otherwise they going to end up being just another run of the mill bank). The only missing components at the lower end of the market segment would be the type of loans and simple cheap daily banking that is Capitecs core business, and the high end with personalized and fast service turn around times that is known from Investec (though they probably won't have the investment and money management capabilities of Investec, so that market segment is probably unattainable).

If they can offer simple cheap daily banking, they can compete for the low end of the market. This, although offer as a standalone product, however is probably only going to be cheaper when bundled with their medical aid for pseudo cross subsidy. If they can work out a good cost to (expanded) benefits on their banking and vitality rewards program (without involving the whole health/fitness component), then that should be able to draw away the rewards seekers using ebucks/ucount/greenbacks, etc. Health and fitness could then be used as reward multipliers or reward level accelerators.

...

Since they now have their own VISA BIN-numbers, it wouldn't make sense for them to continue to pay FNB for use of theirs?

I hear you, none of my other cards seem to have chip issues, although to be fair, I do use my Discovery card way more than others.

Apparently they plan to completely buy out the credit card division of FNB, so in the long term they won't have that dependency.

 

[phoneJunky]

Then what is a low LSM?

That sentence says there is a solution for them, but it still isn't their target clientele.

 

[Petec]

You have to run on the treadmill for 20 minutes before you can do a balance enquiry. Make sure your Discovery-approved fitness tracker is synced to your phone before you log into your banking profile.

:twisted:

Bwahahaha!
Too true

 

[air]

competition is good, would require a very decent value proposition to lodge me from my FNB perch.