Discovery Bank

bank basic informationDiscovery

Bank is South Africa's first digital bank built on the concept of behavioural economics, launched by Discovery Limited in 2019 to enhance the financial health of customers by encouraging good financial behaviour.

• full name of the bank:D iscovery Bank

• LimitedFounded: 2019

• Headquarters location: 1 Discovery Place, Sandton, Johannesburg, South

• AfricaShareholder Background: Parent Company Discovery Limited is a private company listed on the Johannesburg Stock Exchange, with businesses in the fields of health insurance, life insurance, investment and banking.

Scope

ServicesDiscovery Bank mainly serves the South African market and provides comprehensive digital banking services.

• Coverage area: South

• AfricaNumber of offline outlets: Mainly operated through the headquarters, no branches in the traditional sense.

• ATM distribution: Customers can use ATMs with the VISA logo for withdrawals and other transactions.

Regulation &

ComplianceDiscovery Bank is regulated by a number of financial regulators in South Africa, ensuring the legality and stability of its operations.

• regulator:

  • South African Reserve Bank (SARB

  • ). Financial Sector Conduct Authority (FSCA)

  • National Credit Regulation Authority (NCR)

• Deposit Insurance Scheme: has joined the Deposit Insurance Corporation (CODI) established by the South African Reserve Bank to provide protection of up to R100,000 per eligible depositor.

• Recent compliance records: To date, no major compliance issues have been identified, and the bank's operations are stable.

Financial healthAccording

to the latest regulatory disclosures, Discovery Bank performed well in terms of capital adequacy and liquidity.

• Capital adequacy ratio: target of 16.5%, above the minimum 9% required by South African regulators.

• Liquidity Coverage Ratio (LCR): As of March 2024, the LCR is 2817%, well above the regulatory requirement of 100%.

• Non-performing loan ratio: The specific data is not disclosed, but it is expected to be within a manageable range according to industry standards.

Deposit & Loan

ProductsDiscovery Bank offers a wide range of deposit and loan products to meet the needs of different customers.

• deposit class:

  • current and term deposit accounts

  • , high yield savings accounts, interest rates based on the customer's Vitality Money status dynamically adjusts up to 1.5%.

• Loans:

  • offers mortgages, car loans, and personal lines of credit.

  • The loan interest rate and threshold are assessed according to the customer's credit status and financial behavior, and specific information can be obtained through the bank's official website.

• Flexible repayment options: Multiple repayment plans are available to support early repayment and repayment period adjustments.

list of common

feesDiscovery Bank's fee structure is transparent and aims to provide fair service to customers.

• Account Management Fee: Depending on the account type, a monthly or annual fee may apply.

• Transfer fees: Domestic transfers are usually free, and cross-border transfer fees vary depending on the transaction amount and destination.

• Overdraft fees: Fees may apply if your account is overdrawn.

• ATM interbank withdrawal fee: There may be additional fees for using ATMs from non-partner banks.

• Hidden Fee Warning: Some accounts may have a minimum balance requirement, and additional fees may apply for failure to meet the target.

Digital Service

ExperienceAs a digital bank, Discovery Bank provides advanced online and mobile banking services.

• APP & Online Banking:

  • supports iOS and Android platforms, with user ratings of 4.8 (App Store) and respectively 4.3（Google Play）。

• Core functions:

  • face recognition login

  ,

  • real-time transfer

  • , bill management

  • , investment tool integration

• Technological innovation:

  • AI customer service

  • , intelligent financial analysis tools

  ,

  • open banking API support

customer service qualityDiscovery

Bank focuses on customer experience and provides multi-channel customer support.

• service channel:

  • 24/7 Phone support: 0800 07 96 97

  • Live chat and social media response

• to complaint handling:

  • with a dedicated complaint handling team, the average resolution time is short, and user satisfaction is high.

• Multi-language support: Mainly provide English service, other language support can be consulted through customer service.

security measuresDiscovery

Bank uses a variety of measures to ensure the safety of customer funds and data.

• security of funds:

  • join the CODI deposit insurance program

  • for real-time transaction monitoring and anti-fraud technology

• Data security:

  • compliance with international security standards such as ISO 27001

  To

  • date, there have been no major data breaches

Featured Services and DifferentiationDiscovery

Bank's service design focuses on the individual needs of customers and sustainable development.

• market segment:

  • student accounts: No fees or preferential policies are available

  • Exclusive wealth management products for

  • the elderlyGreen financial products, supporting ESG investment

• high-net-worth services:

  • private banking services, providing customized financial solutions

market position and accoladesDespite

relatively young age, Discovery Bank has received a number of recognitions in the South African banking sector.

• industry ranking: Leading the way in digital banking in South Africa.

• Awards:

  • named "Best Digital Bank" in 2023

  • and "No. 1 in Customer Satisfaction" in the 2024 Ask Afrika Bank Brand Index

  • its mobile banking app has received high ratings on multiple platforms