Discovery Bank launches AI-driven security features to disrupt South Africa's banking sector

DISCOVERY Bank on Thursday rolled out a suite of artificial intelligence -powered tools and advanced security features to rattle the banking landscape with its compelling innovative features.

- PHILLIPA LARKIN

With over 2.5 million accounts, this relative banking newcomer, which debuted as the very first behavioural bank in June 2019, is intensifying its bid to nab market share from South African entrenched banking titans like Standard Bank Group, FirstRand Bank, Absa Bank, Nedbank, Investec and market disruptor Capitec.

Discovery Bank CEO Hylton Kallner framed the latest innovation by the bank as a seismic shift. “We see a future where banks connect seamlessly with every aspect of a client’s life – their health, finances, lifestyle, and aspirations.”

Kallner said: “We’ve taken the best of Discovery, our data technology and shared-value model, and brought it all together into one seamless, secure, and deeply personalised banking experience. It’s totally bigger than just finance.”