Behavioural banking: a bank, rewards and more in your hands

It took 1.5 million hours to develop today’s most revolutionary banking app. With the newest fintech and service features, Discovery Bank clients never have to visit a bank branch again – empowering them to manage their money better is all in the app as well as Vitality Money, the behaviour-change programme that focuses on positive behaviours for better financial health.

Akash Dowra, Head of client insights at Discovery Bank, says: “This powerful technology seamlessly merges all the banking features you need with innovative money management tools that help you track and control your financial behaviour. With this technology in the palm of your hand, you have everything you need for better financial health.”

Changing the way you manage your money

Banking may have moved forward digitally, but limited functionality and design mean that most bank clients still have to visit a bank branch from time to time. The Discovery Bank app lets clients enjoy the convenience of full service banking, whenever, wherever.

“Clients have the ability to do all their banking in real time with a sophisticated and intuitive digital offering. It’s just one way we make banking easier in a fast-paced world that requires real-time decision-making and response,” says Dowra.

The Discovery Bank app offers digital banking that lets clients manage all their money matters as they improve their financial health, all protected by the most sophisticated security features.

“You can open an account in minutes, whenever you like. Our research shows that more than 50% of our clients opened their accounts outside of standard banking hours,” says Dowra. Clients are able to sign up with advanced facial recognition technology and paperless verification.

There are many other smart features to save time and money, like viewing and managing accounts and cards, and adding more accounts, secondary cards and savings accounts in a matter of seconds.

Clients can also instantly change their PIN and temporarily pause or stop cards. They can also pay contacts in seconds using just their cellphone number and make quick, low-cost payments, 24/7. Other convenient smart features include the ability for clients to link their Discovery Bank debit or credit card to their Discovery Health Medical Scheme membership to seamlessly manage co-payments at participating pharmacies and network hospitals.

Every swipe of a Discovery Bank credit card collects Discovery Miles and the app helps clients  track them. They can choose from the variety of ways to spend their Discovery Miles – in-store, at partners, by converting them to travel rewards or cash, and even paying them to other Discovery Bank clients with a Discovery Miles Account.

Easier access to your money makes it easier to manage it

Behavioural banking is about helping clients take hold of their money, literally and figuratively. Along with day-to-day money management, the app facilitates good financial behaviour by showing clients just how financially healthy they are.

“Our quick Vitality Money assessment will show clients how they’re doing in the five behaviours that can have a massive impact on their financial health - like saving, insuring and debt management,” says Dowra.

Added rewards for healthy money choices 

Along with Discovery Miles, good banking behaviour gives rewards like gym and flight savings, cash back on HealthyFood, HealthyCare and HealthyGear items, and fuel and Uber rewards. Clients can easily keep track of their rewards on the Discovery Bank app.

“The future of banking is not only a technological shift, but also a shift in the mindset around how we think about and work with our money. With Discovery Bank, the technology, combined with the tools to change financial behaviour, is enabling this change in thinking to empower people to manage their banking and their financial health better,” Dowra concludes.

Check how healthy your financial behaviour is with the Vitality Money status calculator. It takes a few minutes of your time to learn about your finances across the five behaviours that determine your financial health. Know how to change it and take control of your finances today – Discovery Bank can show you how.

This article is written and sponsored by Discovery. The Vitality Money status calculator is for information only and does not constitute financial advice. Please consult your financial adviser before making any financial decisions