About Discovery Bank
Discovery Bank, launched as part of Discovery Limited in 2019, is a full-service digital retail bank headquartered in South Africa. Since its inception, the bank has positioned itself as a pioneer in behavioural banking, integrating advanced analytics with personalised financial products designed to improve customers' financial health and well-being.
Within just five years of its launch, Discovery Bank attracted over one million clients, establishing itself as a significant player in the South African banking landscape. The bank offers a comprehensive range of products - including transactional accounts, personal and home loans, savings, and credit cards - all delivered through a seamless digital platform.
The Problem to Solve
Discovery Bank faced several critical challenges in its finance planning environment. Their existing processes were heavily reliant on manual Excel-based workflows, leading to inefficiencies and inaccuracies across the organisation.
- Limited integration between financial systems causing isolated data silos
- Latency in data reporting, resulting in delays of up to two days and backwards-looking analysis
- Lack of driver-based planning and scenario analysis capabilities, restricting financial agility
- High manual effort with dependency on key personnel for data validation and report preparation
- Cumbersome data quality checks and slow calculation processes
To overcome these challenges, the bank required a real-time or near real-time reporting solution integrated with their SAP S/4HANA system - including driver-based budgeting, daily granularity for income tracking, and predictive scenario-based planning within a unified platform.
