All companies can reach success by adhering to the needs of their customers. Businesses that put customers first by listening to feedback tend to do better than others. It so happens that, currently, customer feedback has become focused on something more. More specifically, a recent study found that almost half of consumers globally look for the social value a company adds when deciding whether or not to make a purchase. Furthermore, another survey showed that, when given the chance, almost all consumers would switch from one company to another that is more involved in philanthropy.
Fintech companies have an interesting opportunity due to the above information. Several companies are adding social value directly into their business plan from the start, however technology companies have the unique chance to use digital platforms to incorporate giving into the daily lives of normal citizens. Instead of simply letting customers purchase their products, such companies can make customers a part of their social mission. Take AirBnb, for example. A huge part of AirBnb’s mission is to promote the trusting of strangers, and the company is doing quite well.
Companies in the Fintech sphere develop their social missions to be more straightforward by simply making it easier for people to give. Charitable giving is as easy as pressing a button on a phone screen now. Businesses such as Paypal have incorporated micro-giving programs straight into their applications and websites. It does not matter how much one gives, which encourages people at all levels of income to contribute to charity.
Some companies take Paypal’s approach while others, like Humble Bundle, build the option of charity into their purchases. Customers can choose a charitable organization to support with every item they buy. With this method of giving, customers are more likely to go back to Humble Bundle for their game and book-related needs. The fact that customers can now find their own social purpose through digital platforms means that they will be looking for said purpose in every digital platform they adopt. This is something businesses have to take into account moving forward.
Social impact has become almost as important to companies as having a good product. Customers are, more and more, looking to have an impact on the world and to give to the less fortunate. Fintech companies should embrace this unique opportunity and build social value into their digital platforms. This will not only retain customers and boost business, it will also help the world.