Track Your Expenses Like You Chat on WhatsApp
Hey Digital Banking Fanatic!
Ever imagined managing your bank account without a banking app? That’s not exactly the case here, but Discovery Bank is taking a hybrid approach. Discovery Bank's clients can now handle their finances through WhatsApp, using an AI assistant to track spending, request documents, and set reminders—all in a simple chat.
The South African bank, which has grown to over 2.5 million accounts since its launch in 2019, has built much of its model around rewarding positive financial habits. This new feature sharpens that focus, offering insights into savings, spending patterns, and how to make the most of its rewards system.
Once authenticated through the banking app, clients can chat with Discovery AI via text, voice notes, or images. Whether it’s checking how much has been spent on coffee this month or downloading a tax certificate, clients can manage their finances with a quick message.
“It allows you to set up custom notes and reminders that are then sent to you, effectively creating a kind of virtual private banker capability for clients. The most convenient thing is that you can now request simple documents like statements [and] tax certificates via WhatsApp,” says Hylton Kallner, Discovery Bank CEO.
Scroll down for more interesting Digital Banking industry news updates and I'll be back in your inbox on Monday! 👇
Cheers,
INSIGHTS
💰 What Are Banks’ And FinTechs’ Real Customer Acquisition Costs?
DIGITAL BANKING NEWS
🇿🇦 Discovery Bank launches AI tech that allows clients to see spending habits on WhatsApp. Customers can track their exact monthly coffee spend, receive tailored insights into their spending and savings habits, and get suggestions to optimise their budget, maximise product features, and unlock rewards.
🇦🇺 Bankwest introduces ‘Just Enough Bank’, with the platform promising to deliver uncomplicated and genuinely useful experiences for customers, aligning with Bankwest’s national growth ambitions. The campaign targets busy Australians who are seeking a simple, user-friendly banking experience.
🇧🇷 Nubank announces new IR and market intelligence director Guilherme Souto. The new director will play a key role in shaping Nubank's investor relations strategy and providing valuable insights to support the company's growth and expansion. Click here to learn more
🇺🇸 Introducing Robinhood Strategies, Robinhood Banking, and Robinhood Cortex. With exclusive benefits for Robinhood Gold members, these products help customers access financial services such as private wealth management and private banking, which were once thought out of reach to many.
🇬🇧 Taulia and Lloyds launch Visa-enabled virtual cards. Through the partnership, Lloyds will extend credit to customers who have purchased the Taulia Virtual Cards solution, allowing companies to issue virtual cards to suppliers worldwide in a seamless B2B payment process.
🇺🇸 Republic Bank selects DNA from Fiserv to enhance the company’s banking system capabilities and drive operational efficiencies to realize their digital transformation goals. Continue reading
🇺🇸 Cleo AI to pay $17 million to settle US FTC charges it deceived consumers. The FTC said almost no one received anything close to the maximum $250 and $500 that Cleo advertised for customers of its Cleo Plus and Cleo Builder subscription services, with some advances totaling just $20
🇮🇳 OneStack raises Series A round from Pentathlon Ventures, 100Unicorns and Venture Catalysts, amongst others. With the new funding, OneStack aims to expand its presence into South and East India, targeting an additional 200+ banks to achieve a 20% pan-India market share.
Want your message in front of 100.000+ Digital Banking fanatics, founders, investors, and operators?
Shoot me a message on LinkedIn or send me an e-mail.
