Discovery Bank CEO Barry Hore

September 30, 2019

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About the Guest

Barry Hore

CEO of Discovery Bank

Barry Hore is the Chief Executive Officer of Discovery Bank, a South African-based bank that claims to be the world’s first behavioral bank. The company brings behavioral economics together with actuarial science to improve people’s health. The company does this by identifying behaviors that impact one’s ability to be financially healthier, which leads to better outcomes for the individual. Prior to joining Discovery Bank, Barry was the Chief Operating Officer of the South African Revenue Service.

Episode Overview

413: Discovery Bank CEO Barry Hore explains how Discovery Bank looks into behavior to improve people’s financial and overall health. South Africa faces extremely high levels of credit indebtedness, more people have loans than jobs, the country has one of the lowest savings rates in the world, and people are not well prepared for retirement. Barry claims that by improving these behaviors, the bank can help South Africans become financially healthier, and he cites that helping people change their behaviors will improve their physical health and society as a whole. We also discuss how Discovery Bank taps into South Africa’s talent ecosystem, how Discovery Bank is looking to scale its client base smoothly, the specific programs that Discovery Bank uses to incentivize its customers to be healthier, among other topics.

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