Making the World a Better Place with AI and Fintech
Updated: May 25, 2022
For all the flashiness of modern technology and the increasing speed in which new platforms are introduced in today’s world, I sometimes wonder if culturally we’ve become numb to the idea of “the next big thing.”
We all hear the terms being thrown around. From artificial intelligence (AI) and machine learning to the Internet of Things and the metaverse, it’s easy to think of these initiatives as businesses and potential wealth drivers at first blush. We can be quick to question whether it’s something that’s here to stay or a current fad that may just as quickly fade away.
"Organizations that are dedicated to making positive, sustainable and socially responsible impacts deserve a technology that helps them move the needle and drive change forward."
For me, there’s something different about AI, especially when combined with fintech. In fact, one of the things that intrigues me most about such technology within the nonprofit space is, quite simply, its vast and unmatched potential for doing good.
With AI, I've seen firsthand its ability to empower nonprofit fundraisers, helping to scale organization's fundraising efforts while simultaneously improving operational efficiencies. When AI supports an organization's strategy and removes barriers for frontline fundraisers to build relationships and establish stronger giving pipelines, nonprofits can continue along a path of raising more revenue - and ultimately change the world for the better.
In order for “fintech for good” to work, it must focus on what’s best for its customers. That may come in the form of unique products serving underserved audiences or new processes allowing organizations to maximize their impact. Regardless, at its very core, its customers’ best interests are top of mind from the start.
For nonprofits, these points prove particularly salient, especially when it comes to fundraising. Organizations that are dedicated to making positive, sustainable and socially responsible impacts deserve a technology that helps them move the needle and drive change forward. Technology that removes barriers for both donors and fundraisers helps to ensure the organization's purpose is front and center, and fully realized.
Considering the large-scale environmental, ethical and societal improvements that can be made by such organizations, we should encourage the type of innovation and collaboration that I see AI and fintech having in the nonprofit sector in the near future.
In many ways, it’s a perfect marriage, nonprofits, AI and fintech. One complements the others to create a wonderful sense of balance. A union that strengthens the collective efforts in a way that would be impossible otherwise.
The reality is, as younger generations of donors continue to rise up the ranks and enter their prime giving years, organizations need to take seriously what they stand for and how they engage with these audiences. Because when it comes to giving back, Millennials and Gen Z want to support causes that matter to them and can make a difference.
And when such organizations are supported by purpose-driven technology? The possibilities become endless.
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