The Financial Brand Insights - Spring 2022

for the most part is limited to processing checks … and, lately, thanks to technology, even that role is decreasing. But this isn’t just about missing out on transactions. This is about the missed opportunities these transactions represent: to attract and retain new customers, to create deeper relationships, and help customers increase their philanthropic impact, and to better understand what their clients are passionate about in their communities. With the advent of digital banking and mobile apps, changing this dynamic is possible. By offering features that allow customers to give directly from their phones to nonprofits, banks can attract and retain customers who value charitable giving, increase engagement with those customers, and enrich the banking experience. For example, after one bank offered Ren’s white-label Modern Giving solution developed by Pinkaloo (acquired by Ren in March of 2021), customers logged into their digital banking portals four to five more times each month. Another bank used Modern Giving to rally its community around homelessness and raised nearly $500,000 for area shelters. The added benefit for these banks is that, as they facilitated charitable acts, they also gathered data that can inform future charitable activities by showing them what their customers care about most and forge relationships that allow them to solicit on behalf of important causes. At the same time, the financial institutions have the opportunity to encourage customers’ use of a bank’s investment services, trust expertise and more. Making It work To successfully tap into such opportunities requires more than a new button on a banking app. It requires financial institutions embrace the mindset of democratization of charitable giving, removing its only-for-the-wealthy legacy, and making it more accessible to more people. How? With robust tools that remove barriers that make giving difficult or intimidating.

That includes tools that facilitate direct- giving and monthly account deductions, but that also provide resources for researching charitable causes, finding ones that align with particular interests, and confirming that they’re reputable. Tools that track giving and deliver tax documents on demand. Tools that make giving a social enterprise. Tools that allow banks to use charitable gifts as customer rewards and incentives, and that promote collaborative giving within a community. And tools that do all of this through white-labeled portals or direct API integrations. In other words, tools that reflect and embrace the priorities and expectations of the rising generations. With the rise of the younger generations and the complementary increase in technology use, charitable giving is changing, along with the processes and vehicles for giving. This creates an opportunity for financial institutions to set themselves apart in the marketplace. By embracing these changes and using technology to facilitate generosity, banks can engage younger customers, forge deeper relationships, and truly play an integral role in the entire financial lives of their customers. ▪ About the authors Joe Fisher is CEO of Ren, the nation’s leading philanthropic services provider, supplying financial institutions, charitable organizations and their customers with technology expertise and administration. Gideon Taub founded Pinkaloo to democratize giving with innovative approaches and technology that equip banks to make giving more accessible. Ren acquired Pinkaloo in 2021. Together, Ren and Pinkaloo are increasing charitable participation with solutions that deliver easy, engaging, and social solutions that drive adoption and growth; streamline grant automation and automate charity verification; provide built-in ACH settlement; supply powerful, white label APIs that can be integrated into existing solutions to design richer, more effective donor experiences.

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THE FINANCIAL BRAND INSIGHTS SPRING 2022

THE FINANCIAL BRAND INSIGHTS SPRING 2022

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