Discovery set out to make its reward currency more valuable than cash — here’s how.
Discovery Miles is more valuable than cash as a currency due to the added discounts and benefits clients receive when using the rewards currency to purchase goods and services.
In essence, Discovery tries to incentivise individuals to make better health and financial decisions. “With high costs negatively impacting repricing or switching to a different bank, an estimated 60% of clients are overpaying on their existing home loans today.” To help members make long-term behavioural changes that will benefit their health, Vitality has “got to trick the brain” by bringing rewards typically felt in the long term into the present.
A major attraction of Discovery Miles is that they are more valuable than cash due to the discounts available when using the rewards currency to purchase products.
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