Discovery Bank tops 2024 South African Banking Sentiment Index
Discovery Bank has been announced as the leader in the 2024 South African Banking Sentiment Index, ranking first in both operational and reputational performance.
The annual index, compiled by DataEQ, gauges public sentiment towards the country's eight largest banks based on over three million social media posts from September 2023 to August 2024.
The index said Discovery Bank stood out for its customers' positive feedback on its services, including Vitality benefits, flight discounts, app security features, and personalized home loans. The bank’s app, in particular, received the highest number of favorable mentions among all banking apps. Clients also expressed strong interest in its accounts and credit cards.
Hylton Kallner, CEO of Discovery Bank said: "It is encouraging to see the banking sector leading in public sentiment. The insights from DataEQ help us understand customer experiences and concerns, allowing us to respond proactively through social media and continuously improve our services."
Since 2020, Discovery Bank has experienced a consistent increase in its net sentiment scores, further solidifying its position as a leader in customer satisfaction, Discovery said.
South African consumers set new Black Friday record despite economic pressure
South African consumers flocked to Black Friday 2024 sales in record numbers, underscoring a shift towards digital payments and online shopping. Despite ongoing economic challenges, payment volumes surged, with Nedbank reporting a milestone achievement.
For the first time, its platform processed over R3 billion in settlements in a single day, a 12.06% increase over the previous record, according to Praveshan Naidoo, executive of trading products at Nedbank.
According to Nedbank, the rise of alternative payment methods was also evident, with South Africa's new PayShap platform making its Black Friday debut. Nedbank processed more than R3 billion in real-time PayShap transactions throughout November, indicating growing demand for faster, more convenient payment options.
Transactional data from Nedbank revealed an 18% year-on-year growth in customers making Black Friday purchases, with online transactions up 14%. Point-of-sale (POS) transactions also rose by 14%, with POS customers increasing by 15%.
Sector-wise, Nedbank says the highest growth was seen in restaurants, wholesale stores, and healthcare, while travel and tours experienced a decline. Supermarkets led the spend, followed by Game Stores and Takealot, with Clicks, Checkers, and Woolworths showing significant growth.
Woolworths boosts support for Small Enterprises, driving inclusive growth
Woolworths has announced that it has increased its financial support for small and medium enterprises (SMMEs) by 42% to R4 billion over the past year, reinforcing its commitment to fostering inclusive economic growth in South Africa.
According to the Small Enterprise Development Agency (SEDA), South Africa is home to 2.6 million SMMEs, which employ over 11.3 million people—highlighting their crucial role in the economy.
As part of its Inclusive Justice Initiative (IJI), Woolworths said it not only spent R4 billion on SMMEs but also contributed R7 billion to the revenues of black- and black women-owned suppliers. The retailer’s support spans a wide range of sectors, including food, fashion, beauty, homeware, and services. Many of these businesses benefit from expert mentoring and access to essential resources for producing top-quality products.
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