Problems with Discovery Bank

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

Look at this post:

SIM-swap fraud results in loss of R30,000

SIM-swap fraud results in loss of R30,000 Two of South Africa’s largest corporates, telecommunications giant MTN and Nedbank are yet again in the limelight for all the wrong reasons. The latest victim, Jillian Meiring from the windy city of Port Elizabeth had noticed in September last year...
mybroadband.co.za mybroadband.co.za
 
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ToxicBunny said:
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?
Click to expand...
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.
 
supersunbird said:
It could give banks security ratings for the public to use in their banking decisions.

Look at this post:

SIM-swap fraud results in loss of R30,000

SIM-swap fraud results in loss of R30,000 Two of South Africa’s largest corporates, telecommunications giant MTN and Nedbank are yet again in the limelight for all the wrong reasons. The latest victim, Jillian Meiring from the windy city of Port Elizabeth had noticed in September last year...
mybroadband.co.za mybroadband.co.za
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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.

Napalm2880 said:
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.
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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.
 
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.
 
BBSA said:
What happened to their planned racist share scheme?
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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
 
r00igev@@r said:
Discovery broke this rule:

Stay with your own knitting.
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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.
 
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.
 
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.

r00igev@@r said:
Don't mess with what is not your main competence.
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Their primary competence is administering complex financial products.
 
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 .
 
ToxicBunny said:
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?
Click to expand...
I believe that is the responsibility of the Reserve Bank.
 
noxibox said:
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.
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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.
 
r00igev@@r said:
Glad you cleared that up as I though they were in the medical scheme business.
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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
 
prOd said:
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.
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Jack of all trades, master of none. They started in medical. Should have stayed there...
 
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