With over 2.5 million accounts, this relative banking newcomer, which debuted as the very first behavioural bank in June 2019, is intensifying its bid to nab market share from South African entrenched banking titans like Standard Bank Group, FirstRand Bank, Absa Bank, Nedbank, Investec and market disruptor Capitec.
Discovery Bank CEO Hylton Kallner framed the latest innovation by the bank as a seismic shift. “We see a future where banks connect seamlessly with every aspect of a client’s life – their health, finances, lifestyle, and aspirations.”
Kallner said: “We’ve taken the best of Discovery, our data technology and shared-value model, and brought it all together into one seamless, secure, and deeply personalised banking experience. It’s totally bigger than just finance.”
At the core of the rollout is Discovery AI, a WhatsApp-accessible platform that is beginning with select clients in late April with 3 select clients and staff. Clients can query spending habits – say “photographing a coffee purchase to check discounts – or ask: “How’s my spending living this month?” to get real-time insights like: “You spent R2 400 on coffee this month,” flagging overspending.
“The banking industry is evolving at an extraordinary pace. Digital disruption, changing consumer expectations, and the power of AI and data have completely redefined what financial services can offer,” Kallner said, during the Johannesburg unveiling. The voice-activated tool delivers statements without red tape, drew loud applause at the presentation, underscoring its appeal as a virtual financial analyst that lets clients want more data-driven instant insights.
Panic Code Tackles Digital Threats Security took centre stage with the Digital Account Vault (now live from Thursday), featuring a patented panic code to outsmart digital and physical risks like phishing and abdu...
Discovery Bank CEO Hylton Kallner framed the latest innovation by the bank as a seismic shift. “We see a future where banks connect seamlessly with every aspect of a client’s life – their health, finances, lifestyle, and aspirations.”
Kallner said: “We’ve taken the best of Discovery, our data technology and shared-value model, and brought it all together into one seamless, secure, and deeply personalised banking experience. It’s totally bigger than just finance.”
At the core of the rollout is Discovery AI, a WhatsApp-accessible platform that is beginning with select clients in late April with 3 select clients and staff. Clients can query spending habits – say “photographing a coffee purchase to check discounts – or ask: “How’s my spending living this month?” to get real-time insights like: “You spent R2 400 on coffee this month,” flagging overspending.
“The banking industry is evolving at an extraordinary pace. Digital disruption, changing consumer expectations, and the power of AI and data have completely redefined what financial services can offer,” Kallner said, during the Johannesburg unveiling. The voice-activated tool delivers statements without red tape, drew loud applause at the presentation, underscoring its appeal as a virtual financial analyst that lets clients want more data-driven instant insights.
Panic Code Tackles Digital Threats Security took centre stage with the Digital Account Vault (now live from Thursday), featuring a patented panic code to outsmart digital and physical risks like phishing and abdu...
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The Mercury (Digital) - 1 Issue, March 28, 2025