March 15, 2023

Prize-Linked Giving: The Perfect Motivational Tool to Incent Spend

Prize-Linked Giving: The Perfect Motivational Tool to Incent Spend

Why it is smart to start investing in the stock market?

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Should I be a trader to invest in the stock market?

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What app should I use to invest in the stock market?

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Is it risky to invest in the stock market? If so, how much?

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Tell us if you are already investing in the stock market

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Connecting rewards to giving can be the extra push consumers need to make the donation, and they could be using your card to do it.

To Give or Not to Give?

Consumers want to be philanthropic, but a lot stands in their way. Giving can be complicated: from choosing a charity that will use your money effectively to financial uncertainty during stressful economic times to wondering if you are foregoing a purchase for yourself or your family by donating. Consumers want to be philanthropic, but sometimes they need an extra push. 

Give a Little, Get a Lot

A new study may have unveiled the secret sauce for incentivizing giving: according to Nature Human Behavior, highlighting the personal benefits behind a donation nudges consumers to donate more money than appealing to the greater good does. It indicated that those who saw self-benefits in their donation were 6.6% more likely to give and gave 23% more on average. 

These perceived benefits can be social or physiological as a direct result of the nonprofit’s work, but financial institutions now have the power to make them financial as well. Prize-Linked Giving enables you to reward your cardholders for giving to the organizations they care about most. It’s simple: every time a cardholder swipes their card and rounds up to donate to charity, they automatically have the chance to win instantly from a pool of thousands of prizes. This win-win setup that delivers cardholders small rewards for big impact is likely to be the added motivation they need to donate, and even create a habit of giving, according to the Harvard Business Review. Prize-Linked Giving helps bring your card to top-of-wallet whenever your cardholders are feeling charitable.

Gamified Giving 

While rewards alone can be effective, gamifying your prize-linked giving can further elevate your card’s value proposition by creating a sense of community among your philanthropic cardholders and boosting their brand loyalty in the long term. Gamification keeps cardholders engaged by setting goals and milestones, allowing them to visualize their progress on a dynamic interface, and making interaction with their card and their financial institution something they look forward to. Gamification can take the stress out of giving and make it an experience that cardholders enjoy. It can help them build positive giving habits and visualize their impact, all while being rewarded for their generosity with exciting prizes distributed in real-time.

Plug and Play with Harness FI

The future of cardholder giving is gamified and prize-linked. Harness FI can get you there. Launch a prize-linked giving program within days with a modular-based program construct and end-to-end support during program build and deployment. The onboarding process for the financial institution is simple, with zero processor or payments data integration needed. It’s as easy as selecting your website hosting, choosing a rewards funding construct and picking a marketing package – Harness will take care of the build and launch. Harness’ prize-linked giving platform is proven to drive charitable spend while building richer relationships with customers who are delighted to be rewarded for doing good. 

With Harness FI, your cardholders can give their cake and eat it, too. 

Learn more by booking a demo today.

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