South Africa’s Best Bank for Client Experience for 4 consecutive years according Ask Africa Index 2025.
The Challenge
From its inception, Discovery Bank, the country's first digital-only bank, encountered a number of challenges in the management of vast amounts of customer feedback via social media. This challenge was intensified by its branchless model
By the end of June 2021, Discovery's banking unit had grown to 362,000 clients, achieving an impressive daily average of 500 new-to-banking sales.
But as sales were booming, online Net Sentiment was following a downward trend as customers turned to social media for customer service queries.
The Solution
As the business scaled and as part of its ongoing effort to further improve customer experience, Discovery Bank looked to innovative ways of harnessing customer feedback. The team proactively transformed vast amounts of unstructured consumer conversation from social media into actionable data. With the support of DataEQ’s monitoring tools and insights reporting, they were able to identify customer pain points, join conversations in real time, and drive better decision-making based on consumer feedback. Using Analyse for real-time monitoring of customer feedback and Net Sentiment performance, Discovery Bank’s team were able to establish an immediate online feedback loop.
As part of its efforts to improve reporting and actively monitor customer feedback, Discovery integrated the market conduct view within the Analyse platform to map social media conversations to the Financial Sector Conduct Authority’s (FSCA) regulatory framework. With the FSCA’s emphasis on treating social media complaints as formal complaints requiring due process, the importance of monitoring social data has intensified. Discovery Bank’s teams now embed this capability into daily practice, ensuring fair treatment of customers and positioning the bank as a leader in responsible conduct reporting and customer care.
The Results
Discovery Bank topped both, Operational and Reputational Net Sentiment in the 2024 DataEQ SA Banking Index.
From 2021 to 2024, Discovery Bank saw significant improvements in Net Sentiment, both in terms of Reputational and Operational performance. The insights derived from social media customer data enabled the bank to make strategic adjustments in its business operations, impacting product enhancements and improving customer service strategies. These outcomes were achieved through the bank’s teams consistently monitoring the data and acting on it to deliver tangible improvements.
Major drivers of customer positivity
Products Net Sentiment: 62% Digital Experience Net Sentiment: 67% Innovative products and value-driven rewards generated praise. Customers appreciated seamless digital banking, secure virtual cards, personalised savings rates, dynamic home loans and flexible credit solutions. Exclusive benefits, such as discounted flights, lounge access, and Discovery Miles, further enhanced brand positivity.
Service channel performance
The bank's digital platforms were highly rated for its user-friendliness and robust security. The mobile app, in particular, was noted for enabling easy account management and secure transactions. Customers also spoke positively about Vitality rewards that were accessible through the app. Pricing Net Sentiment: 68% Transparent and competitive pricing models, including zero-fee accounts and attractive interest rates, fostered customer trust and satisfaction. Customer Loyalty Net Sentiment: 76% The Vitality rewards program significantly enhanced customer loyalty by integrating financial benefits with healthy lifestyle choices.
The Takeaway
The strategic application and daily monitoring of social media data by Discovery Bank teams has profoundly influenced its daily operations and performance, helping establish it as South Africa’s leading bank according to consumer Net Sentiment.
The ability to rapidly integrate customer feedback into the bank’s overall strategy has not only enhanced its service offerings but also cemented its reputation as a customer-focused innovator.