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How banks can better serve the growing gig economy


From independent contractors to side hustlers, the gig economy has a substantial – and growing – presence and momentum. Banks that fail to take notice and adjust service strategies accordingly are at risk of losing revenue and relevance.

A recent report from Upwork estimated that about 40% of wages currently come from gig work. The same study estimates that the U.S. will have more than 86 million independent gig workers by 2027. When you consider that nearly 70% of the nation’s GDP is defined by consumer spending, these numbers become relevant in economic and financial discussions.

To better serve and support the growing gig segment, banks are beginning to move away from strictly transactional relationships and adopting a more full-service philosophy that offers additional services and tailored advice. This can help meet the needs of gig workers and strengthen their overall financial health. Plus, boosting loyalty within this segment can have notable positive impacts on a bank’s bottom line.

In the past, banks have traditionally shied away from engaging in anything resembling consultative work for business customers because of lender liability issues, but that tide is changing quickly. As banks work toward becoming more full service, they’re starting to think about how […]

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