In our last two posts, we talked about the three T’s of giving and how companies can incorporate the three T’s into their workplace giving programs. Now, in the third installment of this series, we turn our attention to financial institutions to explore how a creative approach to giving through Treasure, Time, and Talent can strengthen customer relationships.
Many institutions already have philanthropy efforts, whether that be large banks using their funds and influence to invest in partner causes or credit unions giving back to the communities they serve. But few financial institutions have taken it a step further by getting customers involved, despite evidence showing that it can attract and build longer relationships with young consumers. Over 80% of millennials expect companies to make a public commitment to good corporate citizenship, favoring brands that offer one-to-one giving programs or openly support causes they care about. By fostering programs that facilitate Treasure, Time, and Talent donations, banks can attract younger customers and retain them for longer.
Keep the Change programs have become a staple of financial offerings, allowing users to build their savings accounts through automation. ‘Be the Change’ accounts take the same simple approach and apply it to philanthropic efforts. By rounding up to the next dollar or five dollars, users can deposit the difference into an account dedicated to their charitable giving.
Banks can also facilitate treasure donations by offering charitable funds rewards to customers for taking certain actions: signing up for direct deposits or paperless statements, referring a friend, or adding a new service to their account. These rewards build loyalty and goodwill, helping customers see their banking experience as a positive relationship.
Pinkaloo can facilitate these programs through our Modern Giving accounts, providing banks with a white-label solution that integrates with customers existing checking and savings accounts. Customers have a better, streamlined way to donate to their favorite charities, and financial institutions have a new service offering that attracts and retains customers.
While we often think of money as financial institutions’ biggest asset, there are other ways that banks can give back to their communities and help customers get more involved. Perhaps an even bigger asset is access to a wide network of individuals and organizations. Banks can facilitate time donations by their individual customers by connecting them to non-profit clients who need volunteers. This can be done through newsletters, sponsored events, or financial incentives such as funds towards customers’ Modern Giving accounts for volunteering their time with approved organizations.
Taking access one step further, financial institutions not only have a wealth of expertise in-house, but they are connected to an even greater network of expertise through corporate and business clients. Connecting non-profit customers with talent resources at corporate clients builds a closer, more positive relationship with all parties.
Financial institutions are uniquely situated to facilitate creative avenues of donations of Treasure, Time, and Talent. By offering new products and leveraging customer relationships, banks can continue the industry’s long history of philanthropic efforts while modernizing the way we give.