Discovery Bank launches interactive rewards stack

Discovery Bank launches interactive rewards stack

2021-06-24 03:42:00 AM

Discovery Bank launches interactive rewards stack

SPONSORED | The interactive shared-value stack is a visual representation of how clients can tailor their bank account and rewards

23 June 2021 - 13:00Sponsored'We operate in an entirely new category of banking," says Discovery Bank CEO Hylton Kallner. Picture: SUPPLIED/DISCOVERY BANKWith Discovery Bank’s new onlineinteractive shared-valuestack,everyone can see how financial products and individual financial behaviour interconnect to create greater banking value through improved interest rates, lifestyle savings, financial rewards and sophisticated banking features.

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While bank rewards are often opaque and complex, the shared-value stack is designed to show people exactly what value they can get from Discovery Bank. The shared-value rewards for managing money well, manifest visually through a stack of banking benefits based on a variety of factors, including financial products, choices and Vitality programmes. 

“We operate in an entirely new category of banking – simply put, clients are not just offered banking benefits based on their income or segment. Personal financial management and behaviour has a bigger impact on the actual risk that people pose to a bank than just their income,” says Hylton Kallner, Discovery Bank CEO.

“With our shared-value banking approach, each client is seen as an individual and their distinct financial behaviours play a role in how Discovery Bank determines their financial health; based on this, they are rewarded from the start to change or maintain the behaviour related to managing money well. We guide people to adopt behaviour that leads to greater financial security, through Vitality Money, and acknowledge managing money well, regardless of income level.” 

The new interactiveshared-valuestack is a visual representation of how clients can tailor their Discovery Bank account and the rewards they can derive from it. It allows people to select products, a specific Vitality Money status and certain other factors, to see how every aspect of the fully digital banking products will manifest into market-leading interest rates, travel and shopping discounts, and Discovery Miles. Miles provide more value than cash and can be used in different ways to add to clients’ spending power and general financial wellbeing. To illustrate the impact on interest rates, Discovery Bank clients can save at up to 4% more or borrow at 6% less than the base rates. 

How the interactive shared-value stack works: The interactive shared-value stack tool is available to everyone. Once on the website page:Select a Discovery Bank card. Select a bank product (transaction account, credit card account or suite). 

Tick the relevant Vitality programmes you have or want. Choose your Vitality Money status from the status bar (Blue, Bronze, Silver, Gold or Diamond).Scroll down to see your rewards and benefits. Each decision creates set values of rewards associated with the products and Vitality Money status. It also allows the user to compare different packages on a side-by-side basis.

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“Illustrating the shared-value stack provides a new way for everyone to engage with Discovery Bank. They’ll see how they can derive more value from managing their money well. These tools can also help them identify financial behaviour to create more value, and they can see the exact value they get from Discovery Bank.”

This article was paid for by Discovery Bank.Would you like to comment on this article or view other readers' comments? Read more: Business Day »

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