People tend to have favorite causes that they support and give to again and again. In our above table of the top recipients of charitable donations in 2022 and 2023, nine of the top 10 from 2023 appear in the list of top 15 for 2023.
Regional community financial institutions (RCFIs) should know where their account holders are making charitable donations. The financial institution has the intel – account holders vote with their dollars and transaction analysis can identify those organizations. Work to align the bank or credit union with the organizations that are important to account holders and the community. It’s a powerful way to deepen relationships.
Finally, consider that a donation to an account holder’s favorite charity could be a great carrot to encourage debit card usage. A small donation to an account holder’s favorite non-profit in exchange for moving recurring payments, like mobile phone or streaming subscriptions is a win-win that pays off for the financial institution in the long run.
