Discovery Bank App Apk ^HOT^ Download

The Annual Percentage Yield (APY) for the Online Savings Account as of XX/XX/XXXX is more than five times the national average APY for interest bearing savings accounts with a balance of $500 as reported by Curinos as of XX/XX/XXXX. National average is based on information regarding the top 50 banks (by deposit size) and may not include information from variations in regional pricing at such banks or information from products that may not be widely available to their customers. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed. APYs are subject to change at any time.

Non-APY comparison conducted by an independent research firm and based on data compiled in November 2022 from company websites, customer service agents, and consumer savings account offers. In some cases, competitors assess and/or waive fees if certain criteria are met. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, and Marcus are owned by each respective entity.

Discovery Bank App Apk Download

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Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using CD account APYs. The non-Discover Bank service marks for Chase, Bank of America, Citibank, Wells Fargo and U.S. Bank are owned by each respective entity. Although the information provided by Curinos has been obtained from the various institutions, the accuracy cannot be guaranteed. Comparison information is based on competitor product APYs with the same term, but these or other competitors may have similar products with higher CD rates (e.g., different terms, minimum balance).

In the Ask Afrika Orange Index, recognising service excellence, Discovery Bank was voted #1 in client experience for the second year in a row. Discovery Bank, a fully digital bank, is the Best New Digital Bank in SA as recognised by the Global Banking and Finance review. Our banking app was voted #1 digital banking app by the public at the 2023 MTN Business App of the Year awards, also supported by MyBroadband who recognises us for outstanding features, services, usability and integration, with top ratings in SA app stores. Plus, get to know the only organisation in SA that Fortune Magazine recognised in their 2022 Change the World list.

Full disclosure, I collaborated with Hore in the 1990s when he was a young Chief Information Officer of Nedbank in Johannesburg. He was remarkably progressive in his use of technology at the time, and was one of the earliest CIOs to be a driver of innovation on behalf of a major enterprise.

Peter High: You are the Chief Executive Officer of Discovery Bank. Your organization has an ambition for its clients to bank healthier, which are two words people typically do not put together. Could you explain that concept?

To do that, he decided to bring behavioral economics together with actuarial science, the medical space, clinical data, the base science around health, and whether someone drives or not. We have a program in short-term insurance for people who drive, and we study how people drive and what makes them a good or bad driver. From there, it is about working out the core behaviors that affect people's health or their driving ability. When we come to the bank, we are focused on figuring out what behaviors impact one's ability to be financially healthier. This leads to certain outcomes, and the behaviors that we look for are trying to make the outcomes better. From there, we try to determine how that set of outcomes impacts the results that someone has. For example, we developed a concept called vitality money, and we said five behaviors lead to three undesirable outcomes. These five behaviors account for 80 percent of defaults.

From that basic concept, Adrian worked out a shared value model, and Harvard Professor Michael Porter has referred to Adrian's model as the truthful shared value. If we can make people healthier, they become more valuable to whichever business is serving them. As a result, the business is more profitable, which they can share back with the individual. At the same time, people get healthier, which makes society better. That core purpose is what drives the entire business. When we came to our banking venture, the idea was to bring this behavioral concept into play. As individuals become financially healthier, they become more profitable for us, and we can therefore share that back with them. This makes it more attractive for people to become healthier, and oftentimes, we fix societal problems.

By working with our clients and asking their permission to access their data to help them be better, we have developed an entire financial wellness program. This program looks at that data and says, "This is the score you come out with when we analyzed your data and how you perform with that data against the population. These are the areas you could work on to make that better." We only advise customers; we do not tell them what to do. If they choose to ignore us, that is their prerogative. That said, we give our customers incentives as they work through this process. As they improve their behavior, we give them better interest rates on their deposits and borrowings. Further, we give them lifestyle benefits. For example, we have a program for healthy food where we give our customers discounts on healthy food on flights and other activities. The discount rates that we apply and the cash backs we give our customers improve as they better their behavior. We realize that the required long-term change needs to be nudged in the short-term. We have an active rewards program as well. Every day, our customers can do certain activities that make them healthier, and that is represented each week in the rings they close. This involves their health, driving, and banking. As those rings close, customers get a play on our game board, and whether they get a coffee or a smoothie, they get that on our account.

High: Another key tenet of the bank is becoming a true digital bank. There are many organizations in financial services that build an app or digitize some aspects of their operation to begin to tout themselves as digitally savvy, but you are going for much more than that. Could you elaborate on that?

Hore: You are 100 percent correct, and we have two major advantages. The starting point for us is that you need to start with the customer outside in and say, "What would the client want to see?" The systemic approach that, Peter, you taught us a long time ago is still extremely relevant, and I strongly value those principles. Many people talk about bringing together people, process, and technology, but they do not talk about product and client. The idea is to optimize that setup, facing the client. Regarding onboarding a client, when I am mobile-first and everything is in the palm of my hand, how do I know that it is the client that I am dealing with? You need to deal with the biometric security and all the processes around anti-money laundering as a digitized process. With Adrian's drive, it has to be a dazzling customer experience in under five minutes. To get that right, you have to start with a design that begins with the client at the center of the design and work your way back to all the compliance activities you have to do. For a bank with product-focused legacy systems, becoming client-centric is extremely hard. Making sure their journeys are slick, easy, and intuitive requires a great deal of careful and detailed design.

The bigger issue with our competitors is the way they are organized. To optimize to the client, you need to sub-optimize the silos that are the verticals in order to get the horizontal look through the bank to the client. You then bump into people's P&Ls, their future, and their bonuses. That is extremely difficult, so we have designed a second competitive advantage. While the executive of the bank has their line responsibilities, their job is to align horizontally. We have not created product silos that people earn so that we can be optimal for the client from the get-go.

High: In building this bank, you need some of the best technology talent around. Can you talk a bit about the team you have assembled and the skills you have hired for? More broadly, could you talk more about the tech landscape in South Africa that you have drawn from?

Hore: The tech part of this and finding the best partners to work with is a critical component. We are lucky in South Africa because we have some great talent, including on some of the global platforms. Although we have local capability, they are globally utilized. People in South Africa are involved internationally, but we were additionally able to draw from that suppliers best in class worldwide skills to help us build some of these elements. We built a card to platform into this environment as a part of the project. There is not currently a banking platform and a card platform that is integrated from the get-go that is easily recognized in the modern world as a package at the back end. We took an end-to-end back end package, including the ERP component, and we integrated everything, built on a new real-time heart, and then built the capability ourselves to connect to the front end. We were fortunate to find most of the skills in South Africa, but where necessary, we have brought international skills in. We built a small team relative to our competitors, but that team is producing significant output and benefit. We learned that building big teams and large-scale operations is not necessarily going to give you the leverage that you are looking for.

Hore: When I spent some time in university in Boston [at Harvard University], the organization decided I needed to be prepared for the next level of the journey, which was to be prepared to run a bank. I was fascinated by the problem of figuring out how you manage multiple large-scale programs all at once. The bank was on an operating system that was running out of life, and my predecessor said we needed to change, so he outlined a five-year journey. This involved more numbers than the bank could afford, and we had just seen one of our competitors nearly undo themselves trying to undertake the same journey. We were happy with the applications we were running, so we wanted to move them from their platform onto a new operating system. We could not have any risk, and nobody could have known that we moved. People said that would be impossible, but we got it done. For the next step, we merged with one of the largest building societies, and we built another large business. We needed to standardize the back-end technology to get the synergies, which we did. ff782bc1db