FNB believes its loyalty programme is superior to what soon-to-be-launched Discovery Bank will be able to offer clients, by JustinBrownSA
This is according to FNB CEO Jacques Celliers, who this week spoke about what his bank was planning to do ahead of the launch of Discovery Bank, which is expected to roll out Discovery’s Vitality loyalty programme – a key part of its offering.Investec and FNB are seen as the banks most vulnerable to the launch of Discovery Bank later this year.
“An aspect is generosity levels [related to loyalty programmes] – how much can you afford to give people given a certain behaviour? We think the generosity levels that we are able to afford – given our success and our balance sheet – are much more than anyone else in the market,” he said. Regarding perceptions that FNB is the bank most vulnerable to the entry of Discovery Bank, Celliers said: “We don’t see it that way. Our value propositions are unique. New entrants will take time to build scale and stability. They might come out with a launch theme. In banking, it takes time to build relationships. You need to get maturity in service levels and things like that.
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