Problems with Discovery Bank

supersunbird

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Oct 1, 2005
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I'm intrigued as to what you think this supposed "clued up cybersecurity body" would actually do audits on and what authority over a banking institution you assume they would have?

It could give banks security ratings for the public to use in their banking decisions.

Look at this post:
 
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Napalm2880

Expert Member
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Mar 8, 2007
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2,628
I'm intrigued as to what you think this supposed "clued up cybersecurity body" would actually do audits on and what authority over a banking institution you assume they would have?
The way I would do it is to have a cybersecurity body as a division of the reserve bank. They would define the controls the banks have to have in place in order to retain their licence. There's probably quite a bit of overlap with existing regulations so they'd have to work that out.

Audits would be done by a 3rd independant party. This would cover everything from infrastructure e.g. backup power through to information security.

Would become quite tricky if they had to try regulate things like banking software stability, etc. but I feel it's important because this can be a major issue for consumers. Like a certain bank that makes your account balance 0.00 whenever they experience an outage or issues such as the one affecting customers in the article.
 

ToxicBunny

Oi! Leave me out of this...
Joined
Apr 8, 2006
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97,852
It could give banks security ratings for the public to use in their banking decisions.

Look at this post:

I can buy a body that would give the public a rating of a bank so the public can use when making a choice, I actually do like that idea.

The way I would do it is to have a cybersecurity body as a division of the reserve bank. They would define the controls the banks have to have in place in order to retain their licence. There's probably quite a bit of overlap with existing regulations so they'd have to work that out.

Audits would be done by a 3rd independant party. This would cover everything from infrastructure e.g. backup power through to information security.

Would become quite tricky if they had to try regulate things like banking software stability, etc. but I feel it's important because this can be a major issue for consumers. Like a certain bank that makes your account balance 0.00 whenever they experience an outage or issues such as the one affecting customers in the article.

Effectively what you are suggesting is a tightening up of existing bodies and regulations really, and I don't disagree. We don't need some new "Cybersecurity" body per se, but a more technically savvy regulator or regulations is probably more appropriate. We don't need more bodies with oversight/control etc, we need to make the existing bodies more capable in my opinion.
 

Neuk_

Executive Member
Joined
Jan 23, 2018
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5,452
I haven't had any issues, other than my Discovery Bank CC not working when trying to use Garmin Pay, I only have the CC and a savings account though.
 

mjzar

Senior Member
Joined
Jul 19, 2020
Messages
576
What happened to their planned racist share scheme?
I think they're waiting until they've 'upsold' to as much of their Group membership as they can

They know its controversial, probably scheming how to delicately introduce it once they have an established 'diverse' customer base
 

krycor

Honorary Master
Joined
Aug 4, 2005
Messages
18,199
Discovery broke this rule:

Stay with your own knitting.

Disagree.. it’s not that they went out of their core competencies.. you could say this of all “new” banks without established partner but rather that they decided to at the same time build out their own with an established user base chasing a switch over date (from FNB).

Just seems like there was a lot going in one go.
 

AirWolf

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Aug 18, 2006
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Ditched FNB and moved to Discovery Bank last month (Jan 21).

So far so good: transaction account, credit card, savings accounts.

Using the virtual cards, and almost at the diamond level on the rewards program.

I don't have any other products from Discovery.

Liked their retirement calculator (which works with data from other financial institutions as well). Made me make some changes in my financial planning.
 

noxibox

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Joined
Apr 6, 2005
Messages
20,864
Discovery is known for their convoluted products. Undoubtedly deliberate to make it hard for customers to figure out. The whole idea is to draw you into a complicated web of interlinked products. The intended consequence is that it is difficult for a customer to figure out the ripple effect of choosing to cancel anything. Their customer service is also entirely awful across all branches of the company. Their training seems to consist mainly of teaching their staff how to be obtuse and stall until the customer hopefully gives up.

As for glitches, from what I recall Capitec had various teething problems. Not only initially, but later when they introduced new cards. Plus their internet banking was unbelievably primitive. The only positive thing that could be said for it was the two factor authentication. Although even that was tedious to set up as it required spending time at a branch.

Don't mess with what is not your main competence.
Their primary competence is administering complex financial products.
 

SmartShack

Dealer
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Jan 4, 2021
Messages
128
I get the feeling anything discovery offers is expensive , I moved away from their medical aid and saved R1200.
I would Stick to he main banks ... they know what they are doing .
 

quax

Senior Member
Joined
May 9, 2012
Messages
590
I'm intrigued as to what you think this supposed "clued up cybersecurity body" would actually do audits on and what authority over a banking institution you assume they would have?
I believe that is the responsibility of the Reserve Bank.
 

AirWolf

Honorary Master
Joined
Aug 18, 2006
Messages
23,824
Discovery is known for their convoluted products. Undoubtedly deliberate to make it hard for customers to figure out. The whole idea is to draw you into a complicated web of interlinked products. The intended consequence is that it is difficult for a customer to figure out the ripple effect of choosing to cancel anything. Their customer service is also entirely awful across all branches of the company. Their training seems to consist mainly of teaching their staff how to be obtuse and stall until the customer hopefully gives up.

As for glitches, from what I recall Capitec had various teething problems. Not only initially, but later when they introduced new cards. Plus their internet banking was unbelievably primitive. The only positive thing that could be said for it was the two factor authentication. Although even that was tedious to set up as it required spending time at a branch.


Their primary competence is administering complex financial products.
I don't have any products on the Discovery health / insurance side, but I do see that some rewards options are linked to that.

I personally don't care too much about that. With the funds in my account and an increase in RA with my existing service provider (i.e. not Discovery), by the beginning of March I will be on the highest rewards levels, which comes with lower interest rates on credit facility and higher interest rate on funds in transaction and savings accounts.
 

prOd

Expert Member
Joined
Nov 11, 2009
Messages
4,234
Glad you cleared that up as I though they were in the medical scheme business.

Medical, life, household, property & car insurance is what they've been selling for many years (on top of others I missed). Even before starting the bank you could get a Discovery credit card backed by FNB. Starting a bank was just part of their natural progression and really not as otherworldly to be honest
 

r00igev@@r

Executive Member
Joined
Dec 14, 2009
Messages
7,312
Medical, life, household, property & car insurance is what they've been selling for years (on top of others I missed). Even before starting the bank you could get a Discovery credit card backed by FNB.
Jack of all trades, master of none. They started in medical. Should have stayed there...
 
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