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Wednesday, April 21, 2021

Business Talk – In conversation with Hylton Kallner of Discovery Bank

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Hylton Kallner is the CEO of Discovery Bank, having replaced Barry Hore earlier this year.

Kallner has been with Discovery for almost 25 years, as CEO of Discovery Life and before that, Director of Marketing.

His understanding of Discovery’s shared value business model, along with his extensive experience at Discovery Group, has positioned him well to drive Discovery Bank’s growth.

In this episode of Business Talk with Michael Avery, Kallner talks about the findings of the bank’s latest special report which shows South Africans take up to 29 years to change their bank accounts.

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Entitled “The Application of Shared Value Banking: A Focus on Interest Rates and Potential Benefits for South Africans,” the report showed that young customers, and those who are digitally engaged, are 20% more likely to change banks than the average bank. client in South Africa.

Discovery says changing bank accounts can lead to greater financial resilience for South Africans.

The bank’s research has highlighted the impact of three major financial trends that have a positive effect in increasing the frequency with which customers reconsider their banking relationships:

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Nature of the risk

“Customers who manage their money well are often poorly evaluated because of their socio-economic situation. Conventional banks are unable to segment based on behavior. With dynamic interest rates, Discovery clients can reduce their loan interest by up to 6.75% to manage their money well, ”says Kallner.

Technology

“There has been a rapid preference and shift towards digital banking and contactless payment solutions, making it technically unnecessary for customers to visit bank branches. The availability of online and digital service channels therefore reduces barriers to entry, such as long wait times or administration, giving banking customers more choices and easing the transition between service providers. Kallner notes.

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Social responsibility

“Reducing large debts and creating a culture of savings in South Africa are major socio-economic challenges facing individuals and society and these are two aspects that banks can contribute to,” says Kallner.

The full interview is integrated below. You can find all of the Business Talk interviews with Michael Avery here.

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