Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Fintech and Networking Events
Task Force on Financial Stability: Report release
Brookings Institution and the Initiative on Global Markets at the Chicago Booth School of Business | Jun 29, 2021
For the past year and a half, the Task Force on Financial Stability has been identifying gaps in the financial regulatory architecture and other features of the financial system that make it insufficiently resilient to adverse developments. Co-sponsored by the Hutchins Center at Brookings and the Initiative on Global Markets at the Chicago Booth School of Business, the task force recommends ways to assure that the financial system can support economic growth even after the economy and financial system have been hit with a bad shock.
See: Cyber Risk is the New Threat to Financial Stability
The report focuses on vulnerabilities outside the regulated banking system—the U.S. Treasury market, clearinghouses, open-end mutual funds, and other markets and non-bank financial institutions—because the capital footings and regulation of banks were substantially strengthened after the global financial crisis. It also recommends ways to strengthen the regulatory structure and process.
At this report release event on June 29, the task force co-chairs, Glenn Hubbard and Don Kohn, summarized the task force’s findings and recommendations. Following their presentation, a panel that includes task force members and academic experts on finance discussed the recommendations and underlying financial stability issues.
Continue to the full article --> here
Download the 135 page PDF report --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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NCFA Successfully Concludes Canada’s Leading Fintech and Financing Conference FFCON21: Breaking Barriers
NCFA Canada | Craig Asano | Jun 4, 2021
Congratulations to the 2021 Fintech Draft Pitching Competition winners Agryo and Copia Wealth Studios!
TORONTO — Jun 4, 2021 — The National Crowdfunding & Fintech Association of Canada (NCFA), the non-profit cross-body organization that promotes and supports fintech and funding throughout Canada, successfully concluded its seventh annual flagship Fintech and Financing Conference – FFCON21 in partnership with Toronto Finance International (TFI), which was held digitally from May 11-13, 2021.
The conference entitled “Breaking Barriers” focused on the Future of Finance and Society, exploring a wide range of topics reflecting the growth and emerging challenges that the Canadian Fintech industry must navigate to achieve mass adoption and scale. Through 25+ hours of keynotes, lively panels, VIP workshops and impactful pitching competition, the conference facilitated discussions and the sharing of new ideas and thought-provoking insights into trends, innovations and regulatory landscape shaping regulatory, fintech, blockchain, digital banking, payments, AI, capital markets, digital assets and alternative finance sectors.
Founders and innovators, industry experts, investors, regulators, lawyers, and many more shared their insights, successes, and challenges, contributing invaluable insight to assist both Canadian and global companies with building stronger, more competitive and responsible entities that will shape the future of finance and society.
FFCON21 broke its own barriers this year boasting 130 notable global key speakers from a wide range of public and private sectors including two Canadian government ministers, a political champion Canadian Senator, and Sophia – the world-famous Humanoid Robot. The 560 registered attendees engaged in 400 hours of targeted networking meetings throughout the three-day conference. The full list of FFCON21’s influential speakers can be found here.
Highlights from FFCON21:
- Day 1: May 11 focused on ‘Breaking Barriers and Digital Innovation’ and featured thought leadership and leading fintech and financing firms pushing boundaries in crypto adoption, cloud banking and security, data rights, alternative assets, and IPO innovations such as Versabank, Stablecorp Inc. Coinpayments, Forward Security Inc., Intellect Design, Localcoin, Invest Hong Kong and SuperWorld.
- Day 2: May 12 programming was all about ‘Growth & Curation’ designed to help companies innovate, launch, improve productivity, scale and become more globally competitive. A multitude of topics were showcased covering everything from Gen Z opportunities to human resourcing and digital identity perspectives from high profile firms such as Holt Accelerator, University of Waterloo, Mambu, Liquid Avatar Technologies and Alliance Trust Company. A series of engaging demos were also delivered by Whelp, CPQi and MinervaAI who are at the forefront.
- Day 3: May 13 had participants widen their scope to go beyond geographic boundaries and contemplate the daily theme of ‘Global Future Forward’ which covered topics from Fintech’s role in climate change and net zero to the rise of China (and U.S. response), global regulatory trends, CBDCs, and how emerging technologies like Blockchain and NFTs can be used for the greater good. Featured partner companies included VoPay, Power & Mobility, and TAAL.
- FFCON21 premier content included VIP Masterclasses and Fireside Chats from industry experts that gave attendees deep insight into the rise of Decentralized Finance (DeFi), the anatomy of DeFi apps, the evolving digital asset regulatory landscape, the future of Web 3.0, and what the future holds for FinTech. Special thanks to our DeFi partners Cloud Nine Web3 Technologies and DeFi Ventures.
- The conference also provided a plethora of mentoring and business networking opportunities with its popular ‘Ask an Expert’ and Speed Dating series designed to connect industry experts and prominent investors from firms such as Real Ventures, Techstars, Information Venture Partners, Luge Capital and Silicon Valley Bank with companies and attendees looking for insights and opportunities to support their continued growth.
Congratulations to the 2021 Fintech Draft Pitching Competition Winners
The event also featured the second annual 2021 Fintech Draft designed to identify, promote, and reward emerging and high growth fintech start-ups and scaleups. Of the outstanding competing companies, the organizers wish to congratulate:
Agryo — (Overall Winner) — A global risk intelligence provider that enables financial institutions to assess and manage financial risks in the crop field level for underwriting agriculture insurance, loans, and trade finance globally; as well as meet sustainability goals.
Copia Wealth Studios — (People’s Choice) — A financial intelligence platform that uses modern design and machine learning to bring all investments (including Alternatives and Illiquid assets) into one elegant view.
NFT Charity Auction ‘Fintech for Good’
FFCON21 also saw the launch of conference’s inaugural Charity Auction which this year is being held in aid of CanadaHelps COVID-19 Healthcare & Hospital Fund, an organization which supports more than 110 hospital foundations across Canada that are supporting urgent needs in response to COVID-19.
The auction, which kicked off during the event will run until June 6 of this year, features unique digital donations from artists and organisations including Liquid Avatar, Pierre Bourque, Blockchain Intelligence Group, SuperWorld and Nathan McCrorey. Collectors interested in owning an exceptional #NFT can access the auction and bid on items on Blockparty’s new NFT marketplace using this link.
The organisers also welcome donations from artists, individuals or companies who wish to support this worthy cause.
The NCFA FFCON conference, held virtually on May 11-13, continues to be the largest and most influential Fintech conference in Canada.
To view the FFCON21 highlights video please visit https://fintechandfunding.com/.
The organizers offer special thanks to all the attendees, conference partners, speakers, companies, and volunteers that helped make FFCON21 an informative and memorable event.
About the NCFA
The National Crowdfunding & Fintech Association (NCFA) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain and cryptocurrency, Regtech, and Insuretech sectors. To learn more about NCFA visit www.ncfacanada.org
About FFCON
FFCON (Fintech and Financing Conference) is an annual conference hosted by Canada’s National Crowdfunding and Fintech Association (NCFA). Now in its seventh year, FFCON21 brought together professionals and innovators in fintech, blockchain, cryptocurrency, and alternative finance. Further information about the conference series can be found at www.fintechandfunding.com
FFCON Contacts
Conference Chair
Craig Asano
Founder and CEO, NCFA
casano@ncfacanada.org
(416) 618-0254
Partnership Inquiries
Lauren Linton
Advisor, NCFA
lauren@ncfacanada.org
(416) 569-4349
Media Contact
Michele McDermott-Fox
The Top Floor Public Relations
pr@thetopflooragency.com
(905) 379-1893
FFCON21 DAY 1 Was Amazing! Here’s DAY 2: PREVIEW
NCFA Canada | May 12, 2021
Day 1 of the FFCON21: Breaking Barriers program started with a bang -- with the first VIP Masterclasses of the week focused on decentralized finance. With 500+ interested in the latest thought leadership, presentations and insightful discussions it was an amazing way to kickoff the 7th Fintech & Financing Conference and Expo taking place virtually from May 11-13, 2021.
There were amazing speakers from around the globe covering financial innovation topics for fintech, blockchain, AI and alternative finance, and lots of varied networking opportunities from 3mins speed rotation to topical virtual breakouts and 'Ask an Expert' sessions.
And now we are moving into 2 more full days planned, May 12 and 13th - we hope you can join us tomorrow (Wednesday) where the daily theme is 'CURATION & GROWTH'!
CHECKOUT EXCITING DAY 2: MAY 12 PREVIEW!
Including Demos and Pitches
Join 500! We've added a NEW TICKET TYPE for those wanting to attend a single day! VIP ALL DAY PASS for any day: MAY 12 or 13 for just $35 + HST.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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NCFA Reveals Speakers and Agenda for Online FFCON21: Fintech and Financing Conference
NCFA Release | May 6, 2021
Conference to explore accelerated Blockchain - Fintech trends and innovations paving the way to mass adoption and scale
TORONTO, ON / ACCESSWIRE / May 6, 2020 / The Fintech & Financing Conference and Expo (#FFCON21), Canada's premier Fintech conference organized by The National Crowdfunding & Fintech Association (NCFA), Toronto Finance International (TFI), and partners has announced its agenda and speaker line-up for its seventh annual event taking place online from May 11-13.
Building on the success of previous conferences will bring together an international community of leading voices in fintech, digital banking, payments, tokenization, blockchain, CBDCs, digital identity, AI, capital markets innovation and finance - all in an immersive and interactive platform. The FFCON21 audience is composed of 500 global Fintechs, financial institutions, investors, tech providers, government, and media.
This year's theme is 'Breaking Barriers' - reflecting the growth and emerging challenges that the Canadian Fintech industry must navigate to achieve mass adoption and scale. Through keynotes, lively panel discussions, and workshops the conference will share new ideas and thought-provoking insights into:
- AI and the Future of Innovation in Financial Services
- The Rise of Decentralized Finance and Web 3.0 and its Barriers to Adoption
- The Future of NFTs and What Happens When Your Customers are Augmented Humans, Robots, and Virtual Beings?
- Diversity and Inclusion: Beyond Disclosures
- How Millennials and Gen Z are Changing the Financial Landscape
- Retail Investors, Stakeholder Capitalism and IPO Innovations
- Stablecoins and Central Bank Digital Currencies
- Open Finance and Composable Banking
- Inclusive Banking and Affordable Credit
- First Federally Chartered Digital Asset Bank
- Fintech's Opportunity to Breaking Barriers to Net Zero
- Data Rights and How Decentralized Technologies are Shaping our Future
- Blockchain and Renewable Energies
- China vs USA and What it Means for Tech Innovation and Global Fintech Markets
- Strengthening Canada's Innovation Capacity and Global Competitiveness
This year's event features 100+ notable speakers including:
Keynotes
Don Tapscott, Executive Chairman, Blockchain Research Institute
Sophia, Humanoid Robot, Hanson Robotics
David Hanson Ph.D., Founder, Chairman, Chief Creative Officer, Hanson Robotics
Ben Goertzel, CEO, SingularityNET
Cathy Hackl, Futurist + Chief Metavers Officer, Futures Intelligence Group
Hester M. Peirce, Commissioner, Securities Exchange Commission
Hrish Lotlikar, Co-Founder and CEO, SuperWorld
Ethan Pierse, Founding Partner / Director, Borderless Ventures / CryptoAssets Institute
Winston Ma, CFA & Esq., Chairman of Advisory Board, ThreeFold Tech; Author of The Hunt for Unicorns and The Digital War; former Managing Director of CIC
Government
Senator Colin Deacon, Senator, Senate of Canada
Hon. Peter Bethlenfalvy, Minister of Finance and President of the Treasury Board, Government of Ontario
Hon. Doug Schweitzer, Minister of Jobs, Economy and Innovation, Government of Alberta
Judith Robertson, Commissioner Financial Consumer Agency of Canada
Jennifer Reynolds, President & CEO, Toronto Finance International
Innovation
Mark Maybank, Managing Partner, Maverix Private Equity
Jean Desgagne, CEO, Stablecorp Inc.
Betty DeVita, CBO, Finconectra
Christin Friedrich, Chair European Crowdfunding Network, CEO Innovestment
Andrew Graham, Co-founder & CEO, Borrowell
Brittany Kaiser, Independent Chairperson of the Board, Gryphon Digital Mining
Hamzah Nassif, Partner, Real Ventures
Krista Kim, Digital Artist, Global Ambassador of SuperWorld
Lawrence Lewis, Founder, OneFeather
David Unsworth, Co-Founder and General Partner, Information Venture Partners
Timothy[1] Li, CEO at Wikipro Inc, CEO at Alchemy
Chris Goodman, Advisory Services, Credit Union Digital Transformation, CuDigital.ca
David Lucatch, Co-Founder, Director and President, Liquid Avatar Technologies
Jeff Lynn, Seedrs, Executive Chairman and Co-Founder
David Nault, Luge Capital, Co-Founder & General Partner
Tom Baumann, CEO and Co-Founder, ClimateCHECK
Georgia Quinn, General Counsel, Anchorage
Kris Read, Co-founder and CTO, Neo Financial
Som Seif, CEO, Purpose Financial / Purpose Investments
David Taylor, President and CEO, Versabank
View the Full list of Speakers here
FFCON, for the first time ever, is holding an NFT Charity Auction featuring donations from artists and organisations including Liquid Avatar, Pierre Bourque, Blockchain Intelligence Group, SuperWorld and Nathan McCrorey.
Net proceeds from the auction will go to CanadaHelps COVID-19 Healthcare & Hospital Fund which supports more than 110 hospital foundations across Canada who are supporting urgent needs in response to COVID-19.
The event will also feature the 2nd annual 2021 Fintech Draft, designed to identify and feature emerging and high growth fintech start-ups and scaleups. Inspired by sports league drafts,
Congratulations to the six Fintech Draft pitching finalists listed below who will battle in FFCON21's pitching competition for prizes and exposure:
Agryo - A global risk intelligence provider that enables financial institutions to assess and manage financial risks in the crop field level for underwriting agriculture insurance, loans, and trade finance globally; as well as meet sustainability goals.
Copia Wealth Studios - A financial intelligence platform that uses modern design and machine learning to bring all investments (including Alternatives and Illiquid assets) into one elegant view.
ForwardAI - A simple, single, and lender-first API that delivers the most robust accounting & financial data suite for small business lending.
Nava - A software as a service (SaaS) company that offers an ecosystem of socially responsible fintech products for credit unions, helping them compete with big banks.
Orchid B - The premium platform of choice for back office functions including business registration, banking, cards, foreign exchange, insurance, accounting, and payroll -- enabling the self-employed and small businesses to transact efficiently and cost effectively.
Phaze - Phaze makes digital money instantly immediately spendable in 80+ countries but also makes digital money go further, providing neobanks, wallets and fintech companies with a discount off the total value of any transaction.
The agenda can be accessed on the programme page.
Registration for FFCON21 DIGITAL is still open. Register for your tickets at https://fintechandfunding.com/tickets/
About the NCFA
The National Crowdfunding & Fintech Association (NCFA) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain and cryptocurrency, Regtech, and Insurtech sectors. To learn more about NCFA visit www.ncfacanada.org
About Toronto Finance International
Toronto Finance International (TFI) is a public-private partnership between Canada's three levels of government, the financial services sector and academia. TFI's mission is to lead collective action that drives the competitiveness and growth of Toronto's financial sector and establishes its prominence as a leading international financial centre. For more information, please visit: www.tfi.ca
About FFCON
FFCON (Fintech and Financing Conference) is an annual conference hosted by Canada's National Crowdfunding and Fintech Association (NCFA). Now in its seventh year, FFCON21 brings together professionals and innovators in fintech, AI, blockchain, cryptocurrency, and alternative finance.
Further information about the conference series can be found at www.fintechandfunding.com
Connect with us
Twitter | LinkedIn | Facebook
FFCON21 Contacts
Craig Asano
Founder and CEO, NCFA
casano@ncfacanada.org
(416) 618-0254
Partnership Inquiries
Lauren Linton
Advisor, NCFA
lauren@ncfacanada.org
(416) 569-4349
Media Contact
The Top Floor Public Relations
Michele McDermott-Fox
David Lewis
pr@thetopflooragency.com
GET TICKETS NOW
7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)
Thanks for Another Amazing Experiential FFCON21 Digital Conference Experience at the Center of Fintech in Canada (May 11 – 13)
The 7th annual Fintech & Financing Conference and Expo (#FFCON21) took place May 11-13, 2021 (digitally) and was co-hosted by the National Crowdfunding & Fintech Association (NCFA), Toronto Finance International (TFI) and partners.
Building on the success of previous conferences, this year's “Breaking Barriers” theme focused on the Future of Finance and Society, exploring a wide range of topics reflecting the growth and emerging challenges that the Canadian Fintech industry must navigate to achieve mass adoption and scale. Through 25+ hours of keynotes, lively panels, VIP workshops and impactful pitching competition, the conference facilitated discussions and the sharing of new ideas and thought-provoking insights into trends, innovations and regulatory landscape shaping regulatory, fintech, blockchain, digital banking, payments, AI, capital markets, digital assets and alternative finance sectors. Watch on-demand video content now.
Every year brings new challenges, milestones and barriers to be overcome. Join a global fintech ecosystem for an interactive and digital content experience that facilitates thought-provoking and relevant discussions, lively debates, pitching, demos, and prime networking opportunities with innovators, investors, financial institutions, vendors, regulators, government and key industry stakeholders and help rewrite the future of digital finance.
Speakers: Over 100+ industry leaders and global experts
Program: Lots of Networking and Over 50 sessions of curated programming of 3 Days (May 11-13)
Partners: View all partners | Become a partner
Pitching Competition: Vote for your favourite Fintech Draft shortlisted companies
Digital eBooth: Showcase your company's products/services
Get involved: Your voice counts
Missed FFCON21 BREAKING BARRIERS?
On-demand Session Recordings Now Available --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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#FFCON21 Brings Canada’s Tech Hub to the Web for 3 Days of Fintech Insights, Business Building
Investor Wire | Jonathan Keim | April 10, 2021
FFCON21: Breaking Barriers May 11-13
- The 2021 Fintech & Financing Conference and Expo (#FFCON21) is scheduled May 11-13
- Global virtual conference streamed from Toronto, the hub of Canada’s developing fintech ecosystem, but presented online due to pandemic concerns
- 50-plus speakers with expert insights planned
- Networking opportunities to connect one-to-one with peers and experts
- Draft pitching competition to gain attention for business brand (as well as prizes)
The 7th Fintech & Financing Conference and Expo will be held for global participants virtually from May 11-13, 2021. Originating in Toronto, FFCON21 has grown from a basic collaboration between entrepreneurs and big businesses intent on driving change into a thriving gathering of fintech, blockchain, crypto, digital banking, AI, payments, wealthtech, regtech, alternative finance stakeholders and global participants with a love for Canada’s fintech ecosystem.
In its seventh year, the 2021 gathering (#FFCON21) has been adapted to the health security needs of attendees during the present global pandemic, offering exclusive online access to a three-day collection of educational courses, networking opportunities, pitch competitions, e-booth demos and an auction for charity.
The conference will take place May 11 to 13, still celebrating its place within Canada’s rising fintech and financial sector even as it extends its reach to a global audience through a virtual platform. Tickets, including early bird rates at present and a special startups-only package, are available at https://ibn.fm/3Ov1h.
Conference organizers anticipate bringing attendees to the table with some 50 speakers ranging from Main Street executives such as the president and CEO of public-private partnership Toronto Finance International to enterprising up-and-comers such as the founder-partner of startup builder Borderless Ventures and its CryptoAssets Institute.
See: Showcase your products/services: Secure a DEMO Speaker spot at FFCON21: May 11-1
The second annual draft pitching and demo competition follows a sports league model geared toward identifying and featuring emerging and high growth fintech startups and scaleups. The “Breaking Barriers” theme of the conference is particularly appropriate here as draft participants compete for exposure and prizes, including promotion to investors, media, prospective buyers and partners.
The online access format driven by the pandemic proved advantageous last year following a scheduling delay necessary to reimagine the presentation of the spring conference. The digital venue and interactive platform allows for increased participation on a global scale because of the elimination of travel expenses from the plan. Networking and file sharing are able to occur naturally and easily using integrated online text and video chat features.
Additionally, the online platform makes it simple to access all digital content to catch up on anything attendees may have missed at a time when it is more convenient. Networking and e-booth displays present attendees with the potential to make connections with a future business mentor, investor or a prospective employee to help build their companies.
And at the heart of it all is the class schedule with insights from thought leaders on the direction of fintech solutions and emerging fintech trends. Presentations will explore topics that address the latest innovations, emerging industry regulation and the impact of government activity on financial technology markets.
For more information, visit the conference’s web portal at https://fintechandfunding.com.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Businesses competing on social values use fintech to gain an edge
Fintech Confidential Issue 3 | Daryl Hatton | March 14, 2021
Competition in business is a given. If you don’t have competition, you probably aren’t in a mature market or have much of a market opportunity.
Over time, businesses have learned to compete on features and capabilities, on price and on customer service. We’ve learned to tune our products to customer needs. Optimized our supply chains and operations to reduce costs and create margin advantage. Invested in our people and systems to deliver the experience customers want. Built our brands so that customers know what to expect from us.
But. Our competitors did the same and, with the Internet enabling global competition, it has become harder than ever to establish and maintain a competitive advantage. The differences between product and service offerings have dwindled. Sales processes have elongated. Win ratios are threatened. Margins are eroding.
To make things more difficult, customers have started to demand that their suppliers share their business values: Respect for the environment. Fair trade supply chains. Respect for diversity in their communities and employees.
At the same time, the competition for employee talent has increased. Millennial and younger generations want to work for companies that share their values. They express, over and over, that they prefer to work at companies that care. Companies that make a difference. Companies that improve the world.
See: Banking Must Take A Stand On Tough Social Issues
A standard response to this situation has been for companies to implement corporate social responsibility (CSR) programs. These integrate social and environmental concerns into business operations and interactions with corporate stakeholders. They provide businesses a framework to evaluate the costs and impacts of their programs. It works. Companies with successful CSR programs visibly demonstrate their commitment to social and environmental issues and win more business because of it.
Unfortunately, CSR programs are typically complex to understand. This makes it hard to use them for lead generation. Or, to acquire and retain employees who say, “Sounds good. Show me.” It is burdensome to demonstrate how the customer or employee impacts the CSR program. And even harder to implement using traditional payroll deduction employee giving programs as they don’t enable customer participation at all.
Millennial and younger generations want to work for companies that share their values.
To solve this complex problem, companies are increasingly turning to social fintech to implement components of their CSR programs. Recent innovations in social fundraising (crowdfunding) solutions enable companies to cost-effectively run their own highly visible social / environmental impact generation programs. These programs demonstrate corporate commitment to the values in their CSR statements. But more importantly, they provide an opportunity for employees, customers and supply chain partners to participate in making the impact, not just watching it.
For example, Ernst & Young, a global consultancy, runs an enterprise crowdfunding program to encourage employees and customers to contribute to multiple civil rights charities. These contributions are matched by the company which helps participants feel like they are directing company resources to causes they personally care about, increasing loyalty and satisfaction. Through participant’s social sharing of their support for the causes, Ernst & Young receives earned social media coverage and measurable brand lift and reach. This style of authentic brand amplification resonates with existing and potential employees and customers.
See: 5 Drivers Behind the Sustainable Investing Shift
Ernst & Young appreciates their ability to independently run their own crowdfunding initiatives without charity involvement. This provides maximum opportunity for brand alignment through the choice of any number of beneficiary charities. Central control of financial workflows ensures accountability. Their ability to run multiple, simultaneous, geographically targeted campaigns satisfies their regional offices’ need to focus on local causes.
Other examples show how these programs align with corporate positioning. Nature’s Path, a fast-growing producer of organic foods, uses matching contributions to encourage their employees and customers to support 10 food security charities in North America. AG Hair, a manufacturer of high-quality hair care products, engages their supply and distribution chains in supporting girls’ education in developing countries, increasing brand loyalty in their predominantly female customer and employee base. Vancouver Sun, a newspaper division of Post Media, demonstrates their commitment to child welfare by encouraging readers to support children’s food programs in schools across BC.
In all of these examples, employees and customers express feelings of empowerment, values alignment, and satisfaction through collaboration. Together, these feelings create loyalty to the company and the brand. Recent surveys have shown that, when features, price and service levels are comparable, customers will invariably make their purchase based on their core values. Powerful brand alignment with these values not only helps acquire customers but helps keep them despite competitive pressure. Social fintech is an easy path to creating brand alignment and loyalty.
About the author:
Daryl Hatton is a founder and CEO of FundRazr, an innovative, award-winning global crowdfunding platform. Daryl is an international speaker and thought leader in online giving and philanthropy. A serial entrepreneur who loves the challenge of building companies from scratch, he has founded multiple start-ups and helped bring one, Optio Software, to a successful NASDAQ IPO in 1999. Today he serves as board member of PayPal Giving Fund Canada as well as an advisor to multiple Canadian and Silicon Valley based start-ups.
This article appears as a featured article in NCFA's digital magazine, Fintech Confidential (Issue 3). Click to read the latest thought leadership, insights and trends about Fintech in Canada:
Checkout NCFA's digital magazine, Fintech Confidential (Issue 3, Dec 2020) --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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