Barry Hore, the technologist who has led Discovery Bank since its inception, is stepping down. Long-serving Discovery executive Hylton Kallner will replace him on 1 January.
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Discovery Bank will start accepting new clients from Monday, three months later than it had anticipated when it unveiled its banking proposition in November.
The decision by Standard Bank to close 91 branches and cut 1 200 jobs is not at all surprising – the only surprises were that the bank announced it publicly and that it did so before elections in May.
Samsung’s tap-and-pay service is coming to more banks. The company said on Monday that Samsung Pay will soon work for Investec and Discovery Bank account holders.
As new banks with radically different cost structures enter the market, the question is whether South Africa’s large banks are well placed to respond to the digital onslaught.
Perhaps the only real surprise in yesterday’s public unveiling of Discovery Bank was the lack of any pricing information.