Adrian Gore’s latest venture hasn’t even really been launched yet and South African social media users have already made their minds up about what they may be subjected to if they join Discovery Bank.
The bank, which is expected to open to the public in March next year, is built on the fundamentals of its Vitality incentive-and-rewards programme, as has long been suspected.
Described as the world’s first ‘behavioural’ bank by Gore, Discovery Bank’s focus will be on “making people healthier, but in a financial sense”.
Using a new flavour of the Vitality Money chassis, Discovery Bank will encourage and incentivise behaviour change, much like it does in the health and driving (car insurance) spaces.
These behaviours result in a Vitality Money status (similar Blue to Diamond scale) which then translates into three rewards: dynamic interest rates for both borrowing and saving, boosted Vitality rewards, and weekly Active Rewards for responsible spending.
Before social media users ever found out about any of this, they let their imaginations run wild about what the bank would require of customers in order to access its services.
They theorized about everything from having to jog just to access their bank statements to having to cycle in order to power the ATMs. Check out the most hilarious tweets with a few interesting theories thrown into the mix.