New bank on the block as Discovery launches 'tech-led' bank

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Discovery has launched its much anticipated bank, hailed as the first in rewarding good financial behaviour.

Speaking at the launch of Discovery Bank at the firm's headquarters in Johannesburg, CEO Adrian Gore said, "The purpose of the bank is making people healthy in a financial sense".

"It is a tech-led bank that is aimed at incentivising behavioural change," said Gore.

He said the bank would be mobile-led and accessed from your phone. It will also be linked to the company's Vitality Rewards programme.

"Everything is on the face of the app, the functionality is amazing with real time EFT payment to all banks," he said.

Gore said, however, they would not be disclosing the bank fees as yet.

He said 10% of the bank would be owned by black depositors, adding however that it was not a BEE scheme.

In terms of the interest rates structure, Gore said it would be market-related combined with the client's vitality status.

Clients would also be able to withdraw cash at any ATM while Gore said there are plans to set up one branch inside the company's Sandton offices.

He said the bank's target market was "very broad" - from a high LSM to the lower level.

* Visit Fin24's special focus banking hub on how new entrants are trying to disrupt the sector. 

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