Discovery’s new bank signals shift as new entrants plan launches over the next six months
Discovery CEO Adrian Gore moves from medical aid and insurance to banking on Wednesday as the Discovery Bank is launched in Sandton.
It is going to rain banks over the next few months as five banks – some new, some repackaged – hit the market.
Technology or financial technology (fintech) has brought down the barriers to entry and most of the banks will use the digital era to operate their banks, many without branches.
The new banks are targeting consumers across the market from the high-end to the unbanked.
Behavioural economics
Discovery Bank pivots on behavioural economics – it has used the Vitality programme to cultivate key learnings of what drives human behaviour. Discovery’s medical aid with the Vitality programme has shown that by linking rewards to improving health, they have altered how members behave.
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