Discovery Bank, a pioneer in the South African banking sector, has achieved a remarkable milestone by acquiring its first one million clients two years ahead of schedule.

The bank has been at the forefront of redefining traditional banking standards since its official launch in 2019 by combining digital technologies with customised services. This innovative strategy seeks to open up private banking for all customers, regardless of product type or income level.

The bank’s rapid growth can be attributed to its continued product innovation and a unique shared-value model. This model not only enhances customer engagement but also contributes to the bank’s financial growth.

In the first half of 2024, Discovery Bank witnessed an impressive increase in deposits by 31% to R16.67 billion and advances rising by 20% to R5.75 billion. Clients have enjoyed over R90 million in interest rate boosts and discounts, incentivising positive financial behaviours.

Hylton Kallner, CEO of Discovery Bank, emphasised the bank’s commitment to financial inclusion and its vision of placing a digital bank branch in every client’s hands.

This noteworthy accomplishment reflects a larger trend in the banking industry in South Africa, where digital banks such as TymeBank are also growing quickly and drawing substantial investments.

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The bank’s renowned app, voted as the Best Consumer Solution in the MTN Business App of the Year Awards 2023, now boasts more than 10 million logins every month.

This success reflects Discovery Bank’s relevance and its shared-value model, providing clients with truly innovative banking solutions and unique ways to meet their financial needs.

In February, Discovery Bank also celebrated surpassing the milestone of 2 million accounts, a testament to its unwavering commitment to delivering a brilliant banking experience to every client on every account and with every transaction.

The bank’s success is also illustrated by Discovery Miles, with clients collectively earning over 7 billion Discovery Miles last year, projected to exceed 10 billion in 2024, monetising over R1 billion in shared value across the Discovery eco-system.

As we move forward, Discovery Bank remains dedicated to innovating and building something special for its clients, setting it apart in the banking industry.

With the promise of the future of banking, the bank looks ahead to an exciting year, including the introduction of Discovery Bank Home Loans and further expansion across every sector of the bank.

The Discovery Bank app, designed to simplify and enhance the banking experience, offers a number of features that make managing finances simple, convenient, and cost-effective.

From flexible credit options to strong security features, real-time payments, and the integration of Discovery portfolio features, the app provides comprehensive financial assistance to its users.

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The app also facilitates smart budgeting solutions, personalised service via Live Assist, and the convenience of managing finances from anywhere, with access to smart app notifications, share trading, virtual cards, and foreign currency exchange services.

Notably, the app also offers a range of vouchers and discounts through the Ðiscovery Miles rewards system for various purchases, ranging from gaming and entertainment to connectivity and healthcare.

This ongoing success story of Discovery Bank showcases a commitment to creating a truly innovative and rewarding banking experience for its clients.

As the bank continues to expand and evolve, it remains dedicated to delivering excellence at significant scale, setting a new standard for banking in South Africa and beyond.