As the shift toward digital banking becomes a more prevalent, neobanks are positioned for the rise in tech-enabled giving.
The term “philanthropist” often elicits a mental image of older wealthy donors. However, the face of philanthropy is changing as younger generations are distinctly more engaged with giving than older ones.
Social impact is integral to how Millennials and Gen Z navigate the world—whether it’s the products they buy or the organizations they support, younger generations want to make a difference. Now, financial institutions have the opportunity to enable the altruistic goals of millions of customers.
For years, donor-advised funds (DAFs) have been gaining popularity as a vehicle for philanthropic giving. The National Philanthropic Trust recently released their 2020 Report, confirming what we already knew: DAFs are here to stay.
For decades, sponsors of donor-advised funds have belonged to one of three segments: national charities, community foundations, and single-issue charities. However, the trend toward digital giving under a DAF 2.0 model positions a fourth segment to emerge: banks.