Is fintech the key to democratizing fundraising?
It’s true, philanthropy is no longer just for the rich.
In today’s world, upcoming generations of philanthropists are eager and willing to contribute to causes they hold close to their hearts. While we may tend to think of philanthropy as only being valuable when in large sums, nothing could be further from the truth. In fact, smaller donations add up, and giving back can pay dividends when it comes in forms beyond financial gifts as well.
The “everyday giver” has the power to impact philanthropy and help to ensure any and all worthy causes - not simply those that attract the most limelight - gain the support needed to drive important societal changes.
It is here in particular that I feel fintech can play a particular pivotal role in helping to democratize fundraising sooner than later.
"At its core, fintech has the ability to remove financial barriers between donors and nonprofits. It can help to quickly mobilize resources around shared purposes and ensure those who want to give can, without feeling the financial constraints."
The ease and transparency in which fintech can help both donors and charities realize their shared goals is an immense advantage. A recent industry survey revealed that the majority of donors would be willing to give more (and give more often) to organizations if they were able to make their gift in installments.
Fintech has the ability to meet the needs of our donors and society. It can make it easy for donors to provide financial gifts to organizations, who in turn can use it to do good.
But for such good to occur, it’s necessary for nonprofits to adapt alongside it as well. Here’s to those organizations willing to revolutionize the way they engage with donors and impact change.