Press release -
Discovery Bank launches Vitality Money Financial Analyser
Johannesburg, 27 October 2021 – Putting clients in control of their money, Discovery Bank today announced the launch of Vitality Money Financial Analyser.
Vitality Money Financial Analyser gives personalised insights into monthly income, savings and spending.
About 65%* of people don’t know what they spend their money on in a month and more than half** underestimate how much they spend, which means most people are not thinking through their financial decisions.
“Vitality Money creates an awareness of financial behaviours and puts people in a position to manage their money well. Part of managing money well, is knowing exactly what you’re spending money on, where you are possibly overspending and following a set budget. The newly launched Vitality Money Financial Analyser gives clients a real-time view of their finances and trends and intelligent alerts to help them manage their spending - one step closer to achieving their financial goals,” says Akash Dowra, head of client insights at Discovery Bank.
Vitality Money Financial Analyser, which is available on the Discovery Bank app, enables clients to automatically place their expenses into more than 166 pre-set categories. Clients have the power to personalise and re-order categories for anything from holidays to home improvements, with a predictive search functionality.
With unique insights and AI driven alerts on spending trends in each category over time, Discovery Bank clients are kept informed on what they are saving by following and keeping to their budgets, and they can set limits in categories to prevent overspending and so earn more rewards for managing their money well, including 5 000 Vitality Money points for engaging with Vitality Money Financial Analyser– that also links to Smart Vault to store important receipts or documents related to important transactions.
NOTES TO EDITORS
- *Intuit Mint Life Survey, 2020.
- **Exception Is the Rule: Underestimating and Overspending on Exceptional Expenses. Journal of Consumer Research, 2012
Discovery Limited is a South African-founded financial services organisation that operates in the healthcare, life assurance, short-term insurance, banking, savings and investment and wellness markets. Since inception in 1992, 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, active in over 35 markets with over 20 million members. The model is exported and scaled through the Global Vitality Network, an alliance of some of the largest insurers across key markets including AIA (Asia), Ping An (China), Generali (Europe), Sumitomo (Japan), John Hancock (US), Manulife (Canada) and Vitality Life & Health (UK, wholly owned). Discovery trades on the Johannesburg Securities Exchange as DSY.
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