With the increase in freelance, contract, and temporary workers, #openbanking could help empower the growing #gigeconomy through two vital courses of action: 1️⃣. #Collaborations between banks and gig platforms so that #embeddedfinance and #APIs can be utilised to their fullest potential. 2️⃣. Providing the necessary tools for gig workers to manage their #finances. Read more about how open banking could help bridge the financial divide for gig workers ⬇️ : https://lnkd.in/ezbFfghW Richard Prior Ghela Boskovich Ian Major Samantha Seaton Kathryn Petralia
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Did you know that faster payments have become one of the top reasons workers stick with a gig platform? Here’s why an instant EFT solution becomes your perfect fit: https://lnkd.in/gmW5BTsd
VoPay’s Instant EFT Payments: A Natural Fit For Your Gig Platform - VoPay Blog
https://blog.vopay.com
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🔐 Unlocking Financial Inclusivity for Gig Workers 🚀 Conventional credit scoring systems are proving inadequate to meet the evolving needs of the modern workforce. 1️⃣ Financial Hurdles: 66% of UK gig workers are denied a loan because of their work situation and 34% are missing out on housing opportunities despite affordability. 2️⃣ Data Transparency Challenge: 73% of financial institutions acknowledge they can't verify gig workers' income data. 3️⃣ Solution Spotlight: To bridge the data gap, seamless integration of real-time alternative data sources is crucial. https://lnkd.in/gDR8ijqD #FinancialInclusion #DataSolution #GigEconomyImpact
Banks data disconnect calls for more inclusive credit scoring
finextra.com
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🌐 Empowering Gig Workers: Overcoming Financial Exclusion Recent findings by Rollee highlight a major challenge: 70% of UK gig workers face barriers accessing financial products due to data limitations. Despite affordability, two-thirds encounter loan denials, impacting housing opportunities and causing financial stress. The core issue lies in limited income and employment data transparency for gig workers compared to traditional employees. Financial institutions acknowledge this gap, favoring PAYE workers (34%) due to greater visibility into their data. Addressing this demands holistic data access and fair credit assessments for gig workers. Automation and robust data infrastructure are key for real-time access to alternative income sources, empowering gig workers and fostering financial inclusivity. It's time for financial institutions to bridge this gap, recognizing the contributions of gig workers and embracing an open finance future. #GigEconomy #FinancialInclusion #DataAccess
Banks data disconnect calls for more inclusive credit scoring
finextra.com
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Payment tech is transforming gig work by creating an experience that meets workers’ needs and expedites the work cycle. It has become invaluable in facilitating gig jobs and supporting the scale of the industry. Click here to read more. #gigeconomy #payouts #fintech #fintechnexus
The Overlooked Catalyst Driving Real-Time Payments Demand: The Gig Economy
https://payquicker.com
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Urgent 2k but make it Professional 🎇 Introducing EarlyPay In the face of rapid inflation, employers are presented with a zero-cost opportunity to enhance productivity and bolster employee well-being. EarlyPay by Mkobo is a financial solution to support and unlock productivity in the workplace. EarlyPay provides onboarded users access to half of their earned wages for the month. 🤷♂️Why request urgent 2k when you have full access to EarlyPay? Tag your Company or favorite HR. This is one policy that will brighten the workplace. For more details, click the link👇🏼 https://lnkd.in/d4ak4x4K
Mkobo is helping salary-earners get paid everyday | TechCabal
https://techcabal.com
