We are thrilled to share that Vitality’s parent company, Discovery, was named to Fortune Magazine’s 2022 Change the World List. The list recognizes 50 companies from around the world who have made positive social or environmental impacts through activities that are part of their core business strategy. The key organizational pillars that are considered are measurable social impact, business results, and degree of innovation.
Discovery ranked in the top 5 for its disruptive shared-value banking model, helping people to adopt better financial behaviors – and rewarding them for it. The shared value model works by focusing on a few key behaviors that drive most of the risk, improving those behaviors to the benefit of both client and company, and then sharing the value created with members – driving further positive behavior, and resulting in a banking model that is better for clients, for the bank, and for society. Discovery’s shared-value insurance model earned them a spot on Fortune’s Change the World List in 2015 as well.
Discovery Bank’s unique approach is driven by the Vitality Money program, which measures how well clients manage their money and improve their financial health across five areas: 1) spending less than they earn; 2) managing their short-term debt wall; 3) having insurance against unexpected events; 4) paying off property as soon as they can; and 5) investing for retirement and the future. Clients earn Vitality Money points for improving these five behaviors, with the total number of points determining their Vitality Money status unlocking certain rewards. An analysis of 300,000 Discovery Bank clients shows that those who’ve earned higher Vitality Money statuses are 96% less likely to be in arrears, have deposits more than seven times the average, and are three times more likely to engage, regardless of income.
The shared-value model is at the core of who Discovery and Vitality are, and we are thrilled to be celebrating this remarkable achievement together.