Discovery Bank unveiled its full Superbank at the annual Discovery Day event. The bank said the platform will serve as the home for all Discovery products.
Clients will be able to manage all their Discovery products in the banking app. These range from short-term insurance to unit trusts, according to Daily Investor.
“The Superbank brings the shared-value power of the Discovery Group into a single, connected client experience,” Discovery Bank 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,” he said.
The bank has been building towards the Superbank for some time. It slowly added features and linked other Discovery products to the platform. The project is now in its final phase.
Banking clients will soon earn portfolio points. These will be based on their qualifying Discovery products and how much they engage with them.
Portfolio status will work together with Discovery Bank rewards, Vitality Money, Vitality Health and Vitality Drive. The bank said this will unlock new rewards for clients.
The rewards will include 100% of the qualifying base fare on local and international flights. Clients will also get 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.
Discovery CEO Adrian Gore said he believes the change will allow rewards for clients to grow very quickly.
The Superbank will also let the wider group see data on how clients spend their money. Daily Investor reported that this will allow personal offers for clients.
Kallner said this is already happening. One example is a lower entry price on a 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.
Kallner said the Superbank is not about cross-selling products. He said it is about growing the shared-value model to its full potential.
The bank also launched a new product range for young South Africans. It is called the Black Suite for Young Professionals.
Discovery Bank said it will be a full-service suite with premium banking benefits and rewards. It is priced to attract clients early in their careers.
Banks are competing hard for young clients. Capitec has reported that it has 4.8 million customers aged 18 to 25.
Discovery Bank posted its first full-year profit of R370 million in the 2026 financial year. Kallner said profit was expected, but 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 said.
In its latest financial results, Discovery said 70% of the bank’s new customers have no other products from the group.
Discovery Bank aims to reach R3 billion in profit by 2029.
Source: this article is based on reporting by Daily Investor. Image: Daily Investor. Written with the help of AI and published by the Tzaneen Voice Business desk. See our Editorial Standards.
Anelisa Nkuna covers business and money news for Tzaneen Voice. Anelisa reports on the rand, fuel prices, interest rates, jobs, Eskom, Transnet, farming and company results. The aim is simple: explain what the numbers mean for household budgets, small businesses and workers in South Africa.