Discovery Bank is changing in front of everyone’s eyes

Discovery Bank unveiled its fully-fledged Superbank at the annual Discovery Day, with it promising to be a platform for all Discovery products. 

The Superbank has been coming for some time, with Discovery Bank gradually adding features and linking other Discovery products to the platform. 

Now, the project is entering its final phase, with clients set to manage all their Discovery products in the banking app. 

This will make the banking app the primary touchpoint for all of Discovery’s South African clients, with it linking products from short-term insurance through to unit trusts. 

“The Superbank brings the shared-value power of the Discovery Group into a single, connected client experience,” CEO Hylton Kallner said. 

“Discovery Bank will now act as the integrative layer across clients’ financial, health, and lifestyle needs, converting the value they create into a tangible rewards currency.” 

Discovery CEO Adrian Gore believes this will enable exponential growth in rewards for clients, sending the shared-value model into overdrive. 

Banking clients will soon be able to earn portfolio points based on their qualifying Discovery products and engagement level. 

Portfolio status will combine with Discovery Bank rewards and Vitality Money, Vitality Health, and Vitality Drive to unlock new rewards for clients. 

These rewards will included 100% of the qualifying base fare of local and international flights and 45% off on Miles D-Day. 

“The reward stack is an important differentiator. As you manage your health and money better, the rewards multiply,” Kallner told Daily Investor. 

“This observed client behaviour is what is driving the whole bank strategy. Every time you do one thing that is good for you, it multiplies across different aspects of the portfolio.”

The Superbank goes beyond rewards, with it also enabling the broader group to access data on how clients spend their money. This will enable personalised offerings. 

Kallner said this is already being done, for example, to offer a lower entry price point on your Discovery Life policy. 

“We learn a lot about client needs very quickly in the bank, and it is easy for them to add relevant products,” he said. 

“For example, they can add Vitality with one click, and then they can go to the gym, get healthy food, and play the board game. The value is addictive.”

Kallner has made it clear that the Superbank is not about cross-selling products but about expanding the shared-value model to its full potential. 

New products and R3 billion in profit 

Discovery Bank also unveiled new products as part of Discovery Day, aiming to continue its strong growth and reach R3 billion in profit by 2029. 

Discovery Bank unveiled a completely new product suite aimed at young South Africans, which it is calling the Black Suite for Young Professionals. 

It said this will be a full-service suite with premium banking benefits and rewards, priced to attract clients early in their careers. 

The competition for young clients is heating up, with Capitec reporting that it has 4.8 million customers aged 18 to 25 alone.

It sees these customers as particularly important for its future growth as Capitec will effectively have the first option to sell them home loans, insurance, and value-added services. 

This increases the likelihood that they are main-banked clients and enhances their engagement, generating valuable fee and commission income. 

Discovery Bank is looking for ways to continue its strong growth trajectory and get more South Africans into the broader Discovery ecosystem. 

After posting its first full-year profit of R370 million in the 2026 financial year, the bank is firmly on the front foot. 

Kallner told Daily Investor that while the banking reaching profitability was expected, its rate of growth has been far above expectations. 

“One thing that has been surprising is the uptake and the development now of the ancillary benefits. We never dreamed of being in this position,” Kallner explained.

The ambition for the bank to become what Discovery calls a Super Bank depends on how attractive the banking offering has been outside the group’s ecosystem. 

In its latest financial results, Discovery revealed that 70% of the bank’s new customers have no products from the rest of the group. 

Thus, the bank has become Discovery’s primary growth driver, bringing in clients who can then access its full range of products. 

Kallner explained that this informed the creation of a Super Bank, which reached that inflexion point earlier than expected. 

With it now the primary growth engine for Discovery, management decided to use this growth to expand its broader offering.