Relatively new to the market, Discovery Bank says it had more than 400,000 customers as of November 2021, of which more than 375,000 were primary customers, 31% more than at the start of the calendar year.
The bank adds more than 600 clients per day, according to Hylton Kallner, managing director of Discovery Bank, while more than half of those clients are new to Discovery Group, with a mix of high value-added activities, he said. he declares.
The bank, which launched in 2019, is also on track to break even by 2024 with strong revenue growth and efficient spending, and a customer base of 600,000-700,000, Kallner told the investors Wednesday December 8.
He pointed to the strong growth in deposits to R 9.0 billion, making Discovery Bank the 7th largest bank in South Africa in terms of retail deposits, while its 4.25 billion Rand advances of credit rank the bank 6th in the country on this basis.
The bank, Kallner said, achieves annualized revenue of R 1 billion with rapidly growing transaction volumes, usage and engagement.
- The NIR (non-interest income) per customer is 20% higher than the market average.
- The Bank holds ± 25% of the high net worth client spending market share.
- Operating expenses per customer have been reduced by 20%.
In its annual results report for the end of June 2021, Discovery said its banking unit had grown to 362,000 customers and 649,000 accounts, “expanding its existing Discovery and non-Discovery customer base and achieving 500 average daily sales of new bank customers ”. Retail deposits at the time.
The bank said it continues to focus on product innovation and building a differentiated and sophisticated digital platform. This included the launch of a payment platform that includes Apple Pay and Discovery Pay; a more valuable Discovery Miles currency; and improvements to travel via the Vitality Travel platform.
The bank said customers can expect four new initiatives in the first quarter of 2022 around the following:
- Discovery Bank Forex Account – Discovery Bank customers will be able to open forex accounts in dollars, euros and pounds without any additional documents. Customers can use the Discovery Bank app to transact and trade in real time in these currencies, and with the Multi-Currency FX Account, customers can receive international payments and choose to pay in over 60 currencies – zero fees for transfer between currencies.
- Financial analyzer – This platform offersdetailed analysis and information on income, expenses and savings and will give customers a real-time view of their finances and trends in their spending habits. The bank will automatically create budgets for clients based on these behavioral trends and send personalized reminders and alerts on clients’ financial goals and progress.
- Vitality Travel – The platform will offer Discovery Bank customers who are also members of Vitality Health up to 75% off local and international flights, 25% off vacation accommodation and car rentals and 15% off international vacation packages.
- Discovery pay – Discovery Bank customers will be able to make payments to other Discovery customers in their contact list. The money would then be deposited into their contact’s existing South African bank account, no matter who they are dealing with.
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