The changes in how we work are creating needs and opportunities across a wide range of products and services, not just financial services. But banks are watching this opportunity slip through their fingers.
,"Joust offers a deposit account and protection for freelancers against delayed payment and nonpayment through PayArmour. It also offers a merchant account that freelancers can use to process credit and debit card payments for their products and services."Oxygen provides working capital to gig economy workers. Its loan process involves cash flow analysis and forecasting done by aggregating bank account and credit report data.
And why would they have changed the product? There was no demand for a new type of product, just demand for faster and more convenient access to the existing product. But the needs of the emerging gig economy worker represents a need for a new type of financial product--or at the least, new features within the existing products.
The changes in how we work are creating needs and opportunities across a wide range of products and services, not just financial services.It's too early too call a winner in the gig economy banking space, however. Current entrants have yet to prove that: 1) their offerings are superior to what's currently available; 2) they can integrate with the wide variety of services available; and 3) they can scale their offerings.
And most of all, they've yet to prove that their business models are viable. But unlike other fintechs that pursued demographic-based consumer segments, going after the gig economy segment will produce more winners because of the change in banking needs that segment represents.
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