Corporate Social Responsibility (CSR) and Social Impact Campaigns have seen massive growth over the last few decades in the financial industry – from $120 million in 1990 to $20 billion in 2018. 86% of S&P Index companies now publish CSR reports, up 400% from just 7 years earlier.

Why this large shift to CSR? To align with the shift in American values.

Increase in CSR Reports

Americans are the most giving people in the world and they want to align themselves with socially responsible companies. The World Giving Index led a survey of 1.3 million individuals across the globe over the last 10 years. The result every year for the past decade: Americans gave the most in the world and are looking for opportunities to contribute. Consider these data:

The financial industry gives billions annually toward charitable causes – the majority from industry leaders.

Participating in a social cause not only helps you strengthen and contribute to your community – it offers a way to connect with socially conscious clients to build your business.

Few Local Financial Service Providers Follow Industry Leaders’ Playbook

The financial service industry gives billions annually toward charitable causes annually – the majority from industry leaders.

A good portion is invested into financial wellness campaigns, to the tune of $160 million a year or about 4% of their total marketing budgets, according to the Consumer Financial Protection Bureau.

Some local and regional providers have been catching on to this philanthropic, marketing, and business growth strategy. Yet they often approach charitable giving haphazardly, whereas larger enterprises follow a clear brand plan to keep them on agenda.

For SME companies in the financial industry, you want to align your business with your philanthropy by considering these 6 essential tips:

Brand Alignment
Promote social impact initiatives that align with your business branding. Your brand is financial wellness – i.e., increasing individuals’ financial well-being represents the outcome of the services you offer.

Deliver True Benefits
Ensure that your efforts produce measurable social impact KPIs to show how you are benefiting the community.

Brand Integration
Saying you donate to a charity or support a local sports team is not enough. People expect that today. They want to see a cause integrated into the DNA of your brand. Participate regularly and actively to exhibit your commitment to CSR.

Causes that Unite
Many social issues are highly divisive, running the risk of immediately alienating half your prospects. Choosing a widely-supported cause, like financial literacy and wellness, unites people and expands your opportunities.

Cohesive Promotions at Scale
To maximize CSR benefits, you must promote your chosen effort with a cohesive marketing strategy conducted at large enough scale to get the depth and breadth required to connect your brand with the cause.

Aligning Prospecting & Client Experience
Ensure that people transition smoothly from prospects to clients by integrating your cause-based campaign into the client experience. This can help deepen the relationship based on shared values.

As a financial industry professional, your brand is already aligned with financial wellness. It’s a social cause you can easily integrate with your brand without needing a major overhaul. Additionally, it is one of those rare causes with which the majority of people agree.

You entered the financial industry to help people and build your business. Integrating financial wellness into your business helps you reach more people with much-needed financial education and build a pipeline of potential clients.