As the number of AI applications increases and the technology becomes less expensive, it’s getting easier for small organizations to leverage their power in everyday use.
AI tools are making a big difference in the field of philanthropy and fundraising. Charities are using AI in many different ways, including:
- Online chatbots that serve as conversational interfaces between organizations and the public
- Software to identify prospective donors from internal data sets
- AI-powered tools that identify prospective donors on social media platforms and through other public sources of information
- Algorithms that analyze donor data and suggest how to personalize appeals
Organizations are using AI to power philanthropy, fundraising and charity
Millennials and Gen Z want charitable giving to be as easy as using a hashtag. Thanks to open banking, that’s what some new fintechs are enabling. The below organizations are using AI in fintech and open banking principles to power charitable giving:
Not only does Sustainably allow monthly donations to the organization of your choice, but it rounds up the amount of every transaction to the nearest £1 and donates the difference to your charity of choice.
Goodworld allows you to donate to a cause or organization with #donate. They also have text-to-give, spare change donations and crowdfunding solutions.
Events by Softgiving
Softgiving creates, organizes and runs high-impact online events that connect a cause or an organization to donors. This raises awareness and creates a targeted donor list that brings in more donations.
Hubbub was created to help schools and universities raise funds. They’ve partnered with one-third of all schools in the UK for year-long fundraisers, 24-hour giving days and crowdfunding for everything from student clubs to research.
Common Market uses AI to improve its food supply chains between farmers, growing networks and food banks across Texas, the Southeast and the Mid-Atlantic.
Himalayan Cataract Project
The Himalayan Cataract Project is building a shared framework for how patient data is gathered, distributed and used among ophthalmologic health organizations around the globe to help in the mission to cure blindness through inexpensive cataract surgery.
Children’s Miracle Network Hospitals
For the 24-hour fundraising marathon Extra Life, the Children’s Miracle Network Hospitals used AI to customize their donation interface based on geographic locations and help donors with currency conversion issues.
Cure Alzheimer's Fund
Cure Alzheimer's Fund raised $1.2 million in donations using Gravyty’s AI-powered fundraising software, which customized the emails sent to prospective donors based on their preferences, previous actions and time between donations. The AI tool also tailored the content to specific donors, bringing more personalization to fundraising.
Rainforest Action Network
Rainforest Action Network piloted the Accessible Intelligence Limited in May 2020. This AI-powered application recommended the right content in fundraising appeals, from subject lines to specific asks to the interval between communications. Their efforts not only increased open rates and the signing of online petitions, it also increased the conversion of one-time donors to monthly donors by 866 percent.
Charities will continue to harness AI to influence their fundraising efforts, increasing the growth of AI in the fintech sector. Explore the opportunities, leverage this trend and help make the world a better place in our six-week online Oxford AI in Fintech and Open Banking Programme.