Discovery Bank CEO Hylton Kallner.

As Artificial Intelligence (AI) reshapes practically every industry, banking is no exception. South Africa's digital bank, Discovery, is transforming the future of its services by using the technology to enable better, faster, and more personal financial experiences.

Discovery Bank revealed the newest developments in its banking features and services, which were unveiled yesterday during a client and financial adviser event.

The services include significant enhancements to Discovery Bank, such as Vitality Money, the bank's behavioural change programme, which now includes rewards for financial planning to match clients' short-term and long-term goals, including estate planning.

Second, expanded security features include new card and device management capability, fraud monitoring and persistent warnings, a Digital Account Vault, and access to emergency services via Discovery 911.

Also, Discovery AI, a capability that drives a more personalised, complex, and intelligent digital banking experience.

Hylton Kallner, CEO of Discovery Bank said: “We see a future where banks connect seamlessly with every aspect of a client’s life – their health, finances, lifestyle, and aspirations.

“In this product release, we’re enhancing our offering in five key areas to achieve this vision: financial wellness, account management and control, security, intelligence and personalisation, and shared-value.”

“The banking industry is evolving at an extraordinary pace. Digital disruption, changing consumer expectations, and the power of AI and data have completely redefined what financial services can offer. And yet, too often, banking remains transactional rather than truly empowering people. 

"At Discovery Bank, we firmly believe that transactions, accounts, and payments are just the starting point. From the outset, we set out to build a bank that rewards positive financial behaviours, empowers people with data and technology, and operates as part of a greater ecosystem designed to improve lives.”

Kallner commented on the Discovery Bank's security buffers: “As banking becomes increasingly digital, so too do the threats. The global rise in phishing, website cloning, card fraud, and other social engineering tactics highlights the evolving sophistication of fraudsters and the shift of fraud risk to the client and their smartphone.

“While technology has made payments faster and more secure, banks must go further – empowering clients with the tools and protections they need to navigate these risks confidently.”