HYLTON Kallner, the CEO of Discovery Bank said, “We see a future where banks connect seamlessly with every aspect of a client’s life – their health, finances, lifestyle, and aspirations.
Image: / Philippa Larkin / Independent Newspapers
Discovery Bank on Thursday rolled out a suite of artificial intelligence -powered tools and advanced security features to its clients that is set to rattle the banking landscape with its compelling innovative features.
With over 2.5 million accounts, this relative banking newcomer, which debuted as the world's first behavioural bank in March 2019, is intensifying its bid to nab market share from South Africa’s entrenched banking titans: Standard Bank Group, First National Bank), Absa Bank, Nedbank, Investec and market disruptor Capitec.
Discovery Bank CEO Hylton Kallner framed the latest innovation by the bank as a seismic shift, “We see a future where banks connect seamlessly with every aspect of a client’s life - their health, finances, lifestyle, and aspirations.”
Kallner said, “We’ve taken the best of Discovery - our data, technology, and shared-value model - and brought it all together into one seamless, secure, and deeply personalised banking experience.
AI Tools Target Personal Finance
At the core of the rollout is Discovery AI, a WhatsApp-accessible platform set for public launch in late April after testing begins on April 3 with select clients and staff. Clients can query spending habits - say, photographing a coffee purchase to check discounts - or ask, “How’s my spending living this month?” to get real-time insights like, “You spent R2 400 on coffee this month,” flagging overspending.
“The banking industry is evolving at an extraordinary pace. Digital disruption, changing consumer expectations, and the power of AI and data have completely redefined what financial services can offer,” Kallner said, during the Johannesburg unveiling. The voice-activated tool, which delivers statements without red tape, drew loud applause at the presentation, underscoring its appeal as a virtual financial analyst and as clients want more data-driven instant insights.
HYLTON Kallner, CEO of Discovery Bank, unveiled a new banking solution to secure clients' bank accounts amid a new wave of abductions in South Africa.
Image: / Philippa Larkin / Independent Newspapers
Panic Code Tackles Digital Threats
Security took centre stage with the Digital Account Vault (now live from Thursday) featuring a patented panic code to counter rising digital and physical risks like phishing and abductions. The rise of kidnapping in South Africa has left citizens fearful. Banks have been seeking solutions to this problem, which Discovery Bank has now found a solution to. It works like this: clients secure accounts with a custom code; a separate panic code, if entered under duress, it silently alerts the fraud team.
“Once you enter your chosen panic code, transactions will continue to be processed as normal, but it will alert our fraud management team,” Kallner explained. The team can then escalate to law enforcement or armed response: “They will start monitoring transactions and, when necessary, activate an emergency response – including alerting law enforcement and armed response.” With a Discovery 911 link in-app, it’s a direct response to growing threats, Kallner noted: “As banking becomes increasingly digital, so too do the threats.”
Vitality Money Boosts Financial Health
The Vitality Money programme (updated on March 27) now incentivises financial planning, targeting five behaviours to avert 80% of distress scenarios. Rewards for budgeting and, by December 2025, personalised wills and estate planning aim to cement long-term client ties.
Home Loans Gain Traction
Discovery Bank’s home loan business has surged R1.2 billion, with advisors driving 25% - over R300 million - of that growth. First-time buyers account for 20% of new loans, while 80% come from refinancers tapping R320 billion in potential among existing clients. From March 27 to June 30, the bank will cover full bond registration fees for the first R3 million of switched loans, with Advisor 360 tools aiding real-time guidance. Development loans for sectional-title properties, also live now, offer 50% off registration fees.
“From today until the end of June, we’ll cover full bond registration fees for the first R3 million of bonds switched to Discovery Bank,” Kallner said.
Lifestyle Perks Expand
Discovery Bank is also enriching ecosystems like travel and fitness, with updates rolling out from April. Vitality Travel, which saw over a million flights booked to 500 destinations last year, partners with Emirates for 10-20% holiday package discounts through June 2025. Vitality Fitness ups free workouts from two to eight per month in April across 350 facilities. Active Rewards, gamifying “health and financial goals into what’s now our richest reward ever,” offers five weekly game boards in April, each with a 1 million Discovery Miles tile and 10,000-mile bonuses, Kallner said.
Corporate Play Targets Young Professionals
A corporate tie-in offers employers with over 50 Discovery Health members a 50% account fee discount - up to R200 monthly - for staff under 28 when salaries hit Discovery accounts. Targeting 500 000 employees, it’s a bid to lock in young lawyers, doctors, and actuaries.
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