Discovery Bank changes the game
Discovery Bank has launched new AI-powered features that help automate the tedious process of capturing banking information when paying new beneficiaries.
In a notice to customers on Tuesday, Discovery Bank introduced what it described as a completely new way to make payments through Discovery AI in its banking app.
These include pay by chat, uploading invoices to the AI chat interface, or taking a photo of invoice from which the AI will set up the transaction.
While transactions are prepared automatically, users must review and approve them before they are executed. “No forms. No admin. No stress,” Discovery stated.
Examples of instructions the Discovery AI can convert into transactions include “Pay R1,000 to DStv for July” and “Purchase 3GB MTN mobile data”.
“With Discovery AI, payments become simpler, faster, and more intuitive — while you stay fully in control by reviewing and approving every payment before it’s processed,” the bank said.
Discovery Bank said these new features are only available within the Discovery Bank app and not its WhatsApp-based Discovery AI interface.
“You can still access Discovery AI through WhatsApp, but the real magic happens in your banking app,” it said.
The bank first introduced Discovery AI in April 2025, which was initially only available through WhatsApp. It was since added to the Discovery Bank app.
Discovery Bank said it offered a comprehensive artificial intelligence capability powering a more personalised, sophisticated and intelligent digital banking experience.
Initially focused on informational services, the bank said Discovery AI could provide details about products and rewards using a text or voice note, or by uploading an image or document.
“It offers proactive guidance by securely analysing your account and transaction data to give you personalised insights and recommendations, making your banking simpler and more rewarding,” it said.
Discovery AI also allows customers to analyse transactions, manage budgets, and see their financial trends over time.
Discovery Bank achieved operating profit
Discovery announced in March that its bank had reached a milestone in the half-year ended 31 December 2025 by achieving its first normalised operating profit.
It swung from a R145 million loss in the previous period to a R75 million profit for the six months ended 31 December 2025.
The bank reported that its total client base grew by 28% to 1.4 million customers, driven by an accelerating acquisition rate, which reached approximately 1,500 clients per day.
Significantly for Discovery, more than 70% of these new bank clients are entirely new to the group.
This, it said, demonstrated the bank’s ability to attract customers beyond its traditional health and life insurance base.
Net non-interest revenue surged by 39% to R848 million, boosted by higher product take-up and increased engagement through Discovery’s Vitality rewards system.
Net interest income also grew by 27% to R623 million, supported by robust expansion in the bank’s lending book.
Retail deposits grew by 21% to reach R25.7 billion, while gross retail advances increased by a massive 42% to R11.1 billion.
This increase in advances was heavily supported by strong growth in home loans, which reached R2.9 billion at the end of the period, and a 48% increase in the bank’s revolving credit facility.
Discovery Bank said its operating efficiency improved as the bank benefited from growing economies of scale and the integration of artificial intelligence into its service channels.
It said these efficiency gains were realised through the increased use of AI and automated service channels, which helped drive down costs even as the client base grew.
Discovery Group CEO Adrian Gore said the successful deployment of the Vitality Shared-value model has manifested in scalable growth for the bank.
“The group’s continued investment in and deployment of AI into the platforms provide a clear opportunity to propel the model forward into a new phase,” said Gore.
“These opportunities include demonstrable increases in engagement and outcomes in some of the early developments.”
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