Financial institutions and social consciousness don't typically go hand-in-hand, but Aspiration’s new socially conscious debit card is aiming to change that, by rewarding shoppers for making purchases at businesses that practice sustainability, and care for its employees.
This innovative reward system pulls from the digital banking service's existing sustainability data base, which ranks businesses on a variety of issues that range from its employee's health care benefits, to whether or not the company invests in renewable energy. According to Aspiration, this database examines over 75,000 reference points, offering the consumer an all-encompassing look at which companies care for its employees, or the planet.
Aspiration has estimated that the average user will receive $545 annually for shopping at conscious businesses.
Socially Conscious Debit Cards
Aspiration Rewards Shoppers for Spending at Conscious Businesses
Trend Themes
1. Socially Conscious Debit Cards - Opportunity for financial institutions to align with social consciousness by offering rewards for purchases at sustainable and employee-friendly businesses.
2. Sustainability Ranking Database - Potential for creating databases that rank businesses based on sustainability practices and offer consumers comprehensive information for conscious shopping.
3. Financial Incentives for Conscious Shopping - The opportunity for businesses to offer financial rewards and incentives to consumers who support socially responsible and sustainable companies.
Industry Implications
1. Financial Services - Financial institutions can embrace disruptive innovation by incorporating socially conscious debit cards and rewards programs into their offerings.
2. Digital Banking - The digital banking sector can leverage sustainability ranking databases to enhance their customer experience by providing information on conscious businesses.
3. Retail - Retailers have an opportunity to tap into the growing market of conscious consumers by offering financial incentives for shopping at sustainable and employee-friendly businesses.