Discovery Bank said yesterday it has reached its first one million clients, two years ahead of its plans.
The bank started operations in 2019 after receiving its banking licence in 2017, building its systems and moving clients with credit cards – part of Discovery’s initial partnership with First Rand Bank – to the Discovery Bank platform.
Discovery Bank CEO, Hylton Kallner, said the growth in customer numbers reflected the impact of their “unique shared-value model” that aimed to create value as clients managed their money and engaged with other Discovery products and rewards, and used their digital banking app and platforms.
The bank’s client and deposit growth increased by 31% to R16.67 billion in the first half of 2024, with advances increasing by 20% to R5.75bn. Through the shared-value approach, the bank’s clients had also accumulated more than R90 million in interest rate boosts and discounts.
Over the past year, the bank introduced, among others, a “new-generation” revolving credit facility, and a home loan offering that cuts up to 1% off interest rate repayments, a statement said.
The bank’s offerings were attracting over 1 000 new clients a day, said Kallner.
Discovery Bank was recently also ranked the top retail bank in South Africa for brand connection in the new 2024 Ask Africa Banking Brand Index.
Kallner said their goal objective was to drive financial inclusion by democratising private banking services to provide all their clients, irrespective of their product-type or income, with personalised, excellent digital service, and access to dedicated bankers.
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