See hidden discussions | Win great prizes | Get free support
What's wrong with mutual banks exactly? At first glance I quite liked the idea.I hope y'all have very strong convictions - hot off the press; they'll be funding iPhones:
"Discovery Bank is also partnering with iStore to offer iPhones to their clients: by achieving your Vitality Active Rewards money goals, you can fully fund a new iPhone (or, at least, fund it in part, depending how many monthly targets you hit)."
I wasn't holding my breath before, but now I'm genuinely curious to see what they offer. Love them or hate them, Discovery has figured out two key things in business: Driving consumer behaviour and creating stickiness. I certainly won't be touching any mutual bank with a ten foot pole. These guys at least offer reputational credibility without the bloat and legacy systems of the other banks.
Also, one would have to become a hermit in a cave somewhere not to be a customer of a company that's done a BEE deal. The smart thing discovery did was to offer this to customers so the marketing value is tremendous and could engender a fiercely loyal customer base in an increasingly fragmented and fluid (easier to migrate these days) banking market. If anything it's way better than a deal where singular individuals will be made millionaires.
In theory nothing wrong with them - they have somewhat less stringent requirements in terms of capital etc., but post-VBS it's clear that those looser requirements are less safe for the depositor. Our deposits aren't insured in this country, so it's entirely up to the bank and I would like mine to be held to the highest standard.What's wrong with mutual banks exactly? At first glance I quite liked the idea.
In theory nothing wrong with them - they have somewhat less stringent requirements in terms of capital etc., but post-VBS it's clear that those looser requirements are less safe for the depositor. Our deposits aren't insured in this country, so it's entirely up to the bank and I would like mine to be held to the highest standard.
I use them for medical aid and the thinner they spread themselves or the more powerful they become, the less I want to be their client in any form.
Hence the or...They're hiring and expanding, not spreading themselves thinner?
It has nothing to do with running my life but anti-competitive capacity. Companies like Massmart have for a long time driven small businesses out of business while peddling sub-par products and offering poor customer service. I’m very anti large conglomerates that do everything and more. I’ve had first hand experience with Bidvest group - I lost clients after they were taken over by Bidvest and told they could only use contractors who were part of the group. It destroys innovation and small to medium businesses - both are the lifeblood of an economy like ours... and both those sectors are the real job creators.I can understand the other point though, if you feel they're too powerful that's a valid point and it's fair not to want a company to affect many different aspects of your life. But there's nothing forcing you to use all their services. Currently I use the medical aid and Vitality, but not the credit card, life insurance, short-term insurance or investments. Still works perfectly well. They do medical aid better than others (IMO) but others do the other products better so I go to them.