Discovery's bank licence approval may see unhappy clients jumping ship

Health insurance group Discovery has been granted a banking license, in a move that opens the way for it to pursue plans to set up a retail bank.

Business Day's Hilary Joffe says the announcement could see unsatisfied banking clients joining their offering.

Joffe predicts that the banking venture will be innovative and joined to the existing Discovery Vitality card programme.

There is already a Discovery card in existence that is linked to the vitality programme. It's expected that the card will be part of the offering.

Hilary Joffe, Editor-at-Large at Business Day

I wouldn't be surprised if Discovery wanted to get people to transfer their banking over to them.

Hilary Joffe, Editor-at-Large at Business Day

She says Discovery will likely introduced a new banking model using financial technology.

The granting of the banking license is subject to specific regulatory conditions and still needs approval from the Competition Commission.

The Commission needs to first approve the licence because Discovery's Vitality card is currently in collaboration with FNB, Joffe explains.

Take a listen:


This article first appeared on CapeTalk : Discovery's bank licence approval may see unhappy clients jumping ship


Recommended

by NEWSROOM AI
Read More
'Clearing thirsty alien vegetation a cheaper way to help fill up Cape dams'

'Clearing thirsty alien vegetation a cheaper way to help fill up Cape dams'

Here's why the City should make more budget provisions to clear catchment areas of invasive alien trees guzzling CT's water supply.

Safa CEO thankful for support as supporters snap up free Banyana match tickets

Safa CEO thankful for support as supporters snap up free Banyana match tickets

Banyana Banyana will face the Netherlands at the Cape Town Stadium on Saturday as they prepare for the FIFA World Cup.

No more swiping without sweating! Discovery Vitality introduces new swipe system

No more swiping without sweating! Discovery Vitality introduces new swipe system

The health programme piloted a new tag system at the exit points in a bid to crack down on fake gym visits at a few fitness clubs.

Marine sciences piloted as subject at three Cape schools

Marine sciences piloted as subject at three Cape schools

The Two Oceans Aquarium has trained teachers at the three “Marine Sciences Node Schools” to teach the subject themselves.

Zim govt likely pressurised providers to pull plug on internet - tech expert

Zim govt likely pressurised providers to pull plug on internet - tech expert

Zimbabwe’s largest mobile operator Econet is reported to have shut down internet services on its network entirely.

[WATCH] Solidarity heads to court to fight Schweizer Reneke teacher's suspension

[WATCH] Solidarity heads to court to fight Schweizer Reneke teacher's suspension

Trade union Solidarity says it plans to file an urgent court application by the end of this week, reports EWN's Thando Kubheka.

Popular articles
Zondo commission's secretary implicated in Bosasa scandal - report

Zondo commission's secretary implicated in Bosasa scandal - report

Eusebius McKaiser spoke to investigative journalist at News24 Kyle Cowan on the latest developments in the inquiry.

Eusebius: 'We are living in a worse nightmare than we thought'

Eusebius: 'We are living in a worse nightmare than we thought'

Eusebius McKaiser shares his views on the former COO at Bosasa, Angelo Agrizz's testimony at the Zondo Commission.

Transnet receives R6.18 billion back from Chinese rail firm

Transnet receives R6.18 billion back from Chinese rail firm

Investigative Journalist at Amabhungane Susan Comrie says the advance payment was from a totally different contract.

Should Zimbabwe officially join South Africa in a monetary union?

Should Zimbabwe officially join South Africa in a monetary union?

What will happen to the rand if it does? Bruce Whitfield interviews Tim Nhamo, a currency specialist at Ironhead Trading.

South Africans are getting poorer and poorer

South Africans are getting poorer and poorer

It's not your imagination; we’ve lost a decade. Bruce Whitfield interviews Johann van Tonder, a researcher at Momentum.

No more swiping without sweating! Discovery Vitality introduces new swipe system

No more swiping without sweating! Discovery Vitality introduces new swipe system

The health programme piloted a new tag system at the exit points in a bid to crack down on fake gym visits at a few fitness clubs.

[WATCH] Baby hilariously tries to eat mom's burritos

[WATCH] Baby hilariously tries to eat mom's burritos

Khabazela shares tweets and Facebook posts that have gone viral.

'I thought he was going to rape me' - Ellen Pakkies on killing drug addict son

'I thought he was going to rape me' - Ellen Pakkies on killing drug addict son

'Ellen' The Ellen Pakkies Story, premiers in cinemas on Friday.