10 July 2019

South Africa: If Healthcare Companies Are Going Into Banking, Well, Banks Will Go Into Healthcare

analysis

FNB has just launched a rewards programme that can help clients track their own health goals. This comes after the home of Vitality, Discovery, recently signed up its first clients to what it calls the world's first behavioural bank. As ex-FNB CEO Michael Jordaan says on Twitter: 'If Discovery wants to enter banking, FNB can offer health rewards. Clever move.'

Competition in the retail banking sector is heating up with several new banks entering this space, including ex-FNB CEO Michael Jordaan's Bank Zero. It has become increasingly important for existing players to find ways to differentiate themselves from the crowd.

Discovery Bank launched the world's first "behavioural bank" earlier this year, while FNB's new health programme was unveiled on Tuesday and forms part of its plan to transform itself into a wider services-based operator.

Called "nav» Wellness", it is a free service, only available on its app, which allows customers to set and track their wellness goals after completing a questionnaire. It also offers discounts for gym, healthy food and even DNA testing. However, you don't need to achieve the goals to qualify for the discounts. It also serves as an electronic prescription portal, where customers can submit their requirements...

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