New Discovery Bank on track

[Kevin Lancaster]

New Discovery Bank on track

Discovery has received authorisation from the Registrar of Banks to establish banking operations in South Africa, and is on track to launch its banking products next year.

 

[lestoran]

Curious if anyone who is of have been with Discovery for Medical insurance or any of their other products will consider their bank?

I suppose for those really deep into the whole Vitality rewards thing it could make sense but its just not a brand that evokes the idea of either "trust" or "value for money".

 

[f2wohf]

Well I gave up on Discovery Insure and Vitality this year (kept only the medical aid), because their T&C's are more complex to understand than a loan agreement and their conditions keep on changing.

So no way I'll go for the bank which will probably be another accumulation of rewards impossible to get in order to pay a normal price.

 

[Tman*]

Am I the only one thinking its a very bad idea giving one company access to so many aspects of your life??

Medical aid, investments, Banking, insurance....Boom next thing they go under, what then? Not even considering the "big brother" aspect, they already track how you drive and your fitness habits.

 

[JStrike]

I would avoid this like the plague

 

[tohir]

"We’ve got the capital"

which you got with your exorbitant annual increases

 

[tohir]

Can I deposit my Medical Aid Savings there? Forgot, I already do! The ATM only works when I get sick

 

[ProfA]

Finally. Some competition for Standard Bank.

 

[Chevron]

I think that Discovery Bank has the potential to be a big disruptor and a huge success

+1

Regardless of our personal feelings, I think they will do extremely well.

 

[maumau]

When every call is answered by a recorded message "we're experiencing high call volumes"?

I think not

 

[reactor_sa]

Nope. Not for me thanks.

 

[biometrics]

What would be their USP? Other than medical aid members and some kind of bundling who would choose them over the big four and Capitec?

 

[Chevron]

What would be their USP? Other than medical aid members and some kind of bundling who would choose them over the big four and Capitec?

That's precisely why they will do well.

I think you've identified their tagline:

"We're not the big 4 or Capitec".

 

[Thor]

Run on the treadmill earn more interest

 

[Hamster]

I'll potentially move after they've been around for a year or two.

FNB I used to love back in the day because I made use of their investment products. Switched to other providers because, and I really hope somebody at FNB reads this, their savings products are utter scht an unimaginative. If Discovery comes in reliable, accessable and affordable I'm there.

Vitality is better than eBucks imo, not that it is the biggest motivating factor but it is something.

...and I've also seen some of the early mock-ups for their mobile app and the ideas they have

 

[Hamster]

Run on the treadmill earn more interest

Somebody (think it was Simon) made a comment one day at Std Bank about Discovery. Mentioned how the Americans have looked at copying Vitality but didn't get it right - it's that good.

Also said that if you look at all their products you can see where they're trying to go:

Imagine you're in a car accident. You you then try and claim from Discovery as an insurance company and when you do they look at your credit card statement and see that you bought alcohol 20 minutes earlier. That combined with their tracker in your car that logs how well you drive and you're pretty screwed

 

[Thor]

Somebody (think it was Simon) made a comment one day at Std Bank about Discovery. Mentioned how the Americans have looked at copying Vitality but didn't get it right - it's that good.

Also said that if you look at all their products you can see where they're trying to go:

Imagine you're in a car accident. You you then try and claim from Discovery as an insurance company and when you do they look at your credit card statement and see that you bought alcohol 20 minutes earlier. That combined with their tracker in your car that logs how well you drive and you're pretty screwed

Discovery is the future don't make no bones about it.