Fortune Magazine recognises the impact of shared-value banking
10 October 2022
Just revealed! Fortune Magazine has selected Discovery Bank as one of 54 companies worldwide that are changing the world for good.
The seminal Change the World list features organisations from across the globe that have had a positive social impact through activities that are part of their core business strategy. You can see the full list of companies on Fortune's Change the World list on the Fortune Magazine website.
Discovery Bank shines at #4
The magazine's writers and editors, in partnership with the Shared Value Initiative, evaluated companies for their measurable social impact, business results, and degree of innovation, among other criteria.
Through this rigorous process, Discovery Bank was ranked at number 4 for helping people to adopt better financial behaviours - and rewarding them for it through unprecedented rewards and interest rates.
Changing the world through shared-value banking
When we started Discovery Bank as the world's first shared-value bank in 2018, we wanted to help reduce our national levels of debt and create a savings culture in South Africa.
We identified five key financial behaviours that drive most of the risk and, through the Vitality Money programme, empowered and incentivised our clients to manage their money better.
Having enough savings
Managing short-term debt
Having the right types of insurance
Being on track for retirement
Managing property investments
Discovery Bank's shared-value banking model has proven to be better for our clients, for the bank, and for society.
An analysis of 300,000 Discovery Bank clients shows that those on higher Vitality Money statuses are:
- 96% less likely to be in arrears
- Have deposits more than seven times the average
- Are three times more likely to engage, regardless of their income level.
By giving individuals incentives to make better financial decisions, Discovery Bank has helped generate higher savings levels, lower risk and increased wealth and prosperity for society as a whole.
That is the impact of shared-value banking.