Discovery Bank Unveils Major Upgrades: AI, Enhanced Security, and Bigger Rewards

Discovery Bank is making waves with a major overhaul of its digital banking services, introducing AI-powered tools, upgraded security features, and expanded rewards for its rapidly growing customer base.

With 1.1 million customers and 1,500 new sign-ups daily, the bank is doubling down on innovation to enhance user experience and financial health.

Vitality Money Gets Smarter (and More Rewarding)

The bank’s behavioral rewards program, Vitality Money, is getting a boost—now incentivizing financial planning alongside smart spending habits.

• Customers can earn up to 40,000 extra points for actions like creating a will or setting long-term financial goals.
• Personalized estate planning services will roll out later this year.
• Data shows users engaging with Vitality Money save more and spend wisely, unlocking better rewards.

“Planning aligns short-term actions with long-term dreams,” said CEO Hylton Kallner.

Next-Level Security: Digital Vaults & Panic Codes

Discovery Bank is raising the bar on safety with:
 Digital Account Vault – Hide accounts and set a panic code to silently alert fraud teams if under duress.
 Enhanced Card Controls – Track transactions by device, spot fraud faster, and manage 50 free virtual cards.
 Discovery 911 Integration – Direct access to emergency medical, roadside, or home assistance.

“Enter your panic code, and we’ll monitor transactions while keeping operations normal,” Kallner explained.

AI Banking: WhatsApp-Powered Financial Insights

Coming soon: Discovery AI, a chatbot offering:

• Spending/savings analysis
• Budgeting tips
• Hyper-personalized financial advice (usually reserved for high-net-worth clients)

Accessible via WhatsApp, users can send voice notes, texts, or images for instant, tailored responses.

Home Loans & Growth Surge

Since launching in May 2024, Discovery Bank’s home loan book hit R1.2 billion, with 75% of customers switching from other banks.

Why This Matters

Discovery Bank’s upgrades reflect a broader shift in digital banking:
AI is making premium financial guidance accessible to all.
Security innovations combat rising cyber threats.
Rewards now focus on long-term financial health, not just spending.

With these changes, the bank aims to cement its place as South Africa’s most dynamic digital bank.

What do you think of Discovery Bank’s new features?

{Source BusinessTech}

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