Competitor Profile: Discovery Bank

Competitor Profile: Discovery Bank

Summary

This report provides information and insight on Discovery Bank, including details of its business and geographical presence; comprehensive coverage of its products and services; a comparative assessment of its peers; and information on its performance, including its key events and milestones.

Discovery Bank is a digital bank, launched in 2018 as part of Discovery Limited. The company’s core focus is Vitality Money, which was originally an insurance model. This scheme is designed to improve the financial health of customers by helping to change five key behaviors: spending less than is earned, saving regularly, insuring for adverse events, paying off property, and investing for the long term. Customers can improve their behavior by completing personalized monthly financial goals; they are rewarded with dynamic interest rates as well as cashback offers.

Scope

- In October 2004, Discovery Card was launched as a joint venture with First Rand Group.
- In October 2017, Discovery Bank was granted a banking license by the South African Reserve Bank.
- In November 2018, Discovery Bank was officially launched.

Reasons to buy

- Gain insight into Discovery Bank’s business operations and key events in the company’s history.
- Learn about its product and service portfolio.
- Assess the competitive dynamics in the retail banking industry by comparing its performance against key peers.