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Discovery Bank committed to easing the financial strain on clients

Press release   •   Apr 23, 2020 16:20 CAT

Discovery Bank committed to easing the financial strain on clients

23 April 2020, Johannesburg

• Discovery Bank is working hard to take care of clients during this difficult time

• Discovery Bank is making healthy eating more affordable than ever

• Clients get up to 100% back on healthy groceries at Woolworths or Pick n Pay

• Clients get up to 75% back on personal care products at Clicks and DisChem

• Discovery Bank will pay clients for being active while at home - one Discovery Mile for every Vitality exercise point

• Clients will get discounted prepaid electricity and airtime when paying with Discovery Miles

• Discovery Miles can be donated to initiatives including the Solidarity Fund, and the Discovery Fund will match it

Discovery Bank announces a range of ways to help clients with affordability and financial flexibility amid the COVID-19 pandemic.

Barry Hore, CEO of Discovery Bank says: “Our responsibility is to support our clients in this trying and unprecedented time. We’ve worked with our partners and adjusted our benefits to create additional value and savings that can help clients. Firstly, we want to make it more affordable and accessible for clients to buy healthy groceries and to look after their overall well-being. Especially as they are spending longer periods of time at home, which has led to more home-cooked meals being prepared.”

Vitality Health members are already getting double their regular cash back on HealthyFood at Woolworths or Pick n Pay – now Discovery Bank clients will be able to get up to 100% back on healthy food items awarded in Discovery Miles.

“We recognise that spending has dropped during this period, which is why we will pay out rewards at the maximum HealthyFood reward percentage available on a client’s product, based on their Vitality Money status – regardless of how much they spend in the month. We believe this to be a meaningful benefit that will provide relief to households,” Hore adds.

For more information on what HealthyFood and HealthyCare discount customers qualify for, click here.

According to Kantar's Covid-19 Barometer study*, a majority of consumers said they were trying to follow the same eating habits at home during self-isolation and 58% percent of respondents said they were eating healthier, as they become self-aware.

Further detailing the consumption and spending habits of South African consumers, the research stated that 52% of respondents were trying new recipes.

“Despite the desire to follow the same eating habits, the environment means changes to eating habits. With fewer opportunities to shop and scarcity of some ingredients, people are trying new recipes, perhaps making more of store cupboard ingredients – this intensifies with increasing restrictions,” Kantar says.

Make money while exercising

Making sure we all keep moving while staying at home is key to a healthy mind and body. Discovery Bank is rewarding clients for being active while at home – in a way that matters.

“Clients earn one Discovery Mile for every Vitality exercise point during this period. Furthermore, Discovery Bank allows clients to exchange their Discovery Miles for cash – straight into their bank account at a new rate of 10 Discovery Miles to R1. This is a helpful way for clients to buy what they really need, at discounted prices online or in-store,” Hore says.

Exercise activities that members can earn weekly points for range from walking 5 000 steps in a day, to earn 50 Vitality fitness points, or 30 minutes of cardio exercise at 70-79% of your maximum age-related heart rate, to earn 200 Vitality fitness points.

Discounted electricity and airtime

Additionally, Discovery Bank clients will from next month get a discount when they redeem airtime and electricity by using their Discovery Miles on the Discovery Bank app. Development is underway to deliver this as soon as possible.

“The impact of COVID-19 is far-reaching and has resulted in economic uncertainty, weighing on businesses and individuals globally. While uncertain times lie ahead, we are dedicated to keeping financial hardship to a minimum and doing our best to assist customers,” Hore says.

Paying it forward

In support of the national effort to curb the spread and impact of COVID-19, Discovery will match all Discovery Miles donated by Discovery clients, up to a maximum of R500 000. These can be done in a few ways:

  • Discovery Bank clients can donate Discovery Miles directly to the Solidarity Fund on the Discovery Bank app.
  • Vitality Health clients can donate via Vitality’s MoveToGive initiatives to support the Solidarity Fund, or UNICEF’s handwashing project in townships or get food to the most vulnerable with FoodForward SA.

“We continue to engage with the Banking Association of South Africa (BASA), the SARB and Government and remain devoted to offering personalised solutions to meet the needs of our customers, as they bank safely and efficiently through our app. Financial health and helping our customers to manage their money well remains integral to our philosophy as the world’s first behavioural bank,” Hore concludes.

Lastly, as part of its ongoing response to the pandemic, clients in need of financial assistance can contact the Bank directly to discuss possible options for payment holidays and/or reduced payments. These applications will be considered on a case-by-case basis.

Ends

Notes for editors

*Kantar’s COVID-19 Barometer is the leading study on how COVID-19 is influencing consumers’ behaviours, attitudes and expectations

About the data: Insights were collected in Wave 1 and 2 of Kantar’s global COVID19 Barometer. For the first wave of the study Kantar spoke to over 25,000 people in over 30 countries between 14th and 23rd March 2020. For the second wave Kantar spoke to over 30,000 people in over 50 markets between 27th and 30th March.

For more information, please contact:

MEDIA_RELATIONS_TEAM@discovery.co.za

For support:

Contact Discovery Bank on 0860 11 2265

Navigate to the Discovery COVID-19 Information Hub

Discovery information

About Discovery

Discovery Limited is a South African-founded financial services organisation that operates in the healthcare, life assurance, short-term insurance, savings and investment and wellness markets. Since inception, Discovery has been guided by a clear core purpose – to make people healthier and to enhance and protect their lives. This has manifested in its globally recognised Vitality Shared-Value insurance model, exported to over 19 countries and reaching over 11 million members. Discovery trades on the Johannesburg Securities Exchange, with a market cap of $7 billion.

Follow us on Twitter @Discovery_SA

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