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  • Discovery Bank explains “no whites” share plan

Discovery Bank explains “no whites” share plan

 Discovery 4 supplied 555x370

Discovery Bank is built around behavioural economics and leverages a similar rewards model to the company’s Vitality programme.

It aims to be the first bank in South Africa that works to address behaviours leading to poor financial outcomes, Discovery CEO Adrian Gore said.

Speaking to the SABC, Gore said Discovery Bank will give its clients great value for healthy life choices and good financial decisions.

Some of these benefits include dynamic interest rates and “fantastic discounts” with Discovery’s commercial partners.

He added that Discovery Bank offers the latest capabilities because it was built using the most advanced technologies.

Gore described their “mobile first” bank as the third way to do banking – somewhere in between traditional banks and fintech services.

Discovery Bank share scheme

As part of its value proposition, Discovery Bank will give black depositors 10% equity in the business.

These shares will be given to black depositors without any cost or risk to them.

“The intention is that when black depositors join the bank, they will be given an equity. There will be no requirement for them to purchase shares at all,” Gore said.

The Discovery CEO admitted that there is some political risk because the plan excludes white customers.

This risk started to emerge after a Business Insider article about the topic was published, with many white commentators threatening to leave Discovery Health because of perceived racial discrimination.

Discovery explains

Felicity Hudson, head of reputation management at Discovery, told MyBroadband that their vision is to build a uniquely South African bank that builds a financially stronger country.

“A key part of this vision for a modern, sustainable South African bank is a shareholding that supports and meets the long-term transformation goals of the financial services industry,” she said.

In conjunction with Discovery’s existing black shareholder base, the proposed scheme will align Discovery Bank with the sector targets.

However, this will be done in a way that is “broad-based and that recognises its first black clients and enables them to share in the growth of the bank”.

“As a new bank, it’s also important to achieve scale – the BEE scheme is a part of the overall customer growth strategy and it will benefit all clients,” said Hudson.

She added that they will be consulting widely with their customers and stakeholders and gathering views to inform their approach. This will be finalised by March 2019.

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Go Top

French government to include NFC passport reading in digital identity app

By Mike Clark • 4 October 2019
Hand holding smartphone with Alicem and French Ministry of Interior logos over the top
AUTHENTICATION: French citizens will be able to create a digital ID via their smartphone using the Alicem app

A new digital identity service to be introduced by the French government this year will use NFC passport reading to enable citizens to use their smartphone to securely enrol themselves onto the system.

“President Emmanuel Macron’s government is pushing through plans to roll out an ID programme, dubbed Alicem, in November, earlier than an initial Christmas target,” Bloomberg reports.

“An ID will be created through a one-time enrolment that works by comparing a user’s photo in their biometric passport to a selfie video taken on the app that will capture expressions, movements and angles. The phone and the passport will communicate through their embedded chips.”

The new service was announced in May 2019 and has been undergoing testing by the French Ministry of the Interior since June.

The aim is to enable citizens to securely authenticate themselves to any of the 500-plus services available via FranceConnect, a government-backed online services gateway used by government agencies and private sector companies including banks.

The Alicem smartphone app will allow “anyone who decides to use it to securely prove their identity,” the Ministry says.

Advantages include simplified registration — since users will be able to use one eID to access multiple services rather than having to individually register with each service provider — an increased level of security and a high level of user control over their data, it adds.

“Alicem targets the ‘high’ guarantee level in the meaning of the European regulation on electronic identification and trust services for electronic transactions, known as the eIDAS regulation,” the Ministry explains.

“The aim of the eIDAS regulation is to increase confidence in electronic transactions within the European Union for online services, including public ones. It defines three levels of guarantee: low, substantial and high, depending on the degree of robustness of the electronic identification solution in the face of attempts at identity theft on the internet.

How it works

“The identity issued by Alicem is based on the information contained in the secure chip of a biometric title (passport or residence permit),” the Ministry adds.

“When creating the account, Alicem checks by facial recognition that the person who uses the smartphone is the holder of the title.

“This high level [of security] will gradually give the possibility to access services that currently require ‘physical’ verification of peoples’ identity, either at a counter or by examining copies of several documents sent in by the user.

“Personal data is only stored on the user’s mobile phone, under their exclusive control. With Alicem, the data is shared only with the online services to which the user chooses to connect. Sharing is only validated after the user has entered his security code.”

“No biometric data can be shared,” the Ministry adds. “The photo extracted from the chip of the title remains stored on the mobile phone of the user.

“The facial recognition video made when the account is created is deleted immediately after verification. The data will not be processed and will not be passed on to third parties.”

App registration

To register with Alicem, the first step will be to create an account on the app, French language technology publication 01net explains.

“In the manner of a contactless payment, you will need to scan the biometric chip of your electronic title (passport or residence card) using the phone. The system then has access to the data stored therein — except fingerprints — which will then be checked.

“This step deals with the authenticity and integrity of the document as well as the current validity of the document.”

The final step is to perform biometric identity verification using both a static photo and a dynamic video.

“In front of your screen, you have to move about so that the camera captures the features of your moving face,” the publication says. “Finally, at the end of this process, the ‘digital identity’ is generated.”

 

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