Raddon Report: How Digital Charitable Giving is a Key Characteristic of High Performing Financial Institutions
By Amy Kubie in Blog
November 20, 2020 18:30
ROI is one of the most frequently asked questions we get when we talk to Financial Institutions about our white-labeled giving solution GoodCoin™.
When considering the keys to maintaining a good return on investment for our clients, Raddon’s recent report, Characteristics of High Performing Financial Institutions, gives us a solid case for banks and credit unions to add digital charitable giving to their portfolio of products. Raddon is an industry-recognized research firm which has been guiding strategic decision making for banks and credit unions for over 40 years.
According to the report, evidence shows developing and maintaining deep and meaningful relationships with customers is paramount for financial institutions to optimize engagement, performance, and profitability in response to the Covid-19 pandemic.
We drew three main conclusions from the Raddon report for how financial institutions can embrace digital charitable giving as they work to grow revenue and improve profitability:
- Financial Institutions generate more non-interest income by incorporating additional digital services that consumers will embrace. For example, Round Up to Charity, a frictionless digital experience, will connect consumers with causes they care about and increase revenue with more swipes for more non-interest income.
- Incorporating digital charitable giving into an FI’s product suite will increase consumer engagement which in turn will improve retention & cross sales.
- High performing financial institutions are doing more in the communities where they do business, leading to greater brand affinity. Incorporating digital charitable giving will extend purpose-driven marketing and enhance image in the community.
This report speaks to the growing trend in the financial service industry capitalizing on the advantages and powerful impact on ROI that digital charitable giving can have. A digital giving solution for banks, credit unions, loyalty programs, and merchants is a natural market fit and a revenue opportunity.
