Discovery Bank has deployed its AI assistant across payments and servicing, to improve on-boarding and query resolution.
Discovery Bank has expanded its artificial intelligence (AI) capabilities across security, payments and customer service, while introducing new services across its digital banking platform.
According to the digital bank, the updates form part of its next phase of development as it transforms into a ‘super bank’ – a model that brings banking, lifestyle rewards, insurance and investments together in one digital platform.
The bank says it is expanding its AI-enabled security feature, Trust Alert, which has already prevented an estimated R100 million in potential losses for clients.
Speaking today at an event in Johannesburg, CEO Hylton Kallner said the institution is entering the next phase, centred on evolving beyond retail banking as it moves deeper into an integrated model – with its mobile app being the primary gateway into the broader Discovery Group ecosystem.
“We are building a platform that works more intelligently for our clients by integrating financial services, intelligent personalisation, argentic payments, multi-layer security and an expanding ecosystem − all underpinned by data and AI,” noted Kallner.
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“As we expand our partnerships and embed AI across the experience, clients benefit from a more seamless, personalised way to manage their money, with rewards that reflect how they live.”
Built-in forex functionality on the banking app allows transactions in multiple currencies and cross-border payments, tracked in real-time for complete visibility, he added.
Clients can create multiple virtual cards for different purposes.
The bank is also offering its clients access to the Vitality Health programme, even if they don’t have a Discovery Health or Life product.
This gives clients the ability to access a range of Vitality Health benefits and discounts across fitness, food and healthcare, Kallner continued.
The Discovery AI assistant introduced last year has been expanded to perform more functions. It is embedded in the bank’s mobile application and processes customer queries using voice, image and text inputs.
The tool is now used for on-boarding and payments processing, including document verification and transaction initiation.
According to the bank, the system resolves approximately 55% of queries at first interaction, typically in under 30 seconds.
“We’ve used advanced AI technology to address some of the most common pain points for clients. For example, while our on-boarding is fast and fully digital, document verification can sometimes slow applications.
“Discovery AI now checks document accuracy and guides clients through corrections in real-time. Beyond on-boarding, it is also changing how clients make payments – clients can simply photograph an invoice or text who to pay, how much and what for, and Discovery AI is able to complete the transaction,” Kallner said.
The system also provides personalised financial recommendations, including budgeting tools and card usage prompts.
According to Discovery Bank, its security framework uses real-time monitoring tools and layered controls to detect and respond to suspicious activity.
Since the introduction of Trust Alert last year, the bank says it has seen an 85% decline in confirmed fraud on flagged transactions.
It says the system has now been expanded to cover additional payment types, including the ability to block transactions during live interactions and to activate a “defence mode” in cases of suspected account compromise.
Discovery Bank has formed a partnership with MultiChoice, adding DStv as a rewards partner by allowing clients to earn up to 25% back in Discovery Miles on subscription payments made via qualifying accounts.
Other additions to the Discovery Miles+ Network include Exclusive Books and Old School. Parking platform Admyt has also become a permanent partner, offering rewards linked to in-store spend and parking transactions.
The bank says clients can now access insurance, investment and trading products through its app, including Discovery Insure, Discovery Life cover, EasyEquities-linked investment accounts and crypto-currency trading via Luno.
“We have simplified the process to activate short-term insurance from Discovery Insure and have now added a Digital Life Plan, allowing clients to activate up to R3 million life cover in a matter of minutes,” Kallner said.
