The gig worker economy has steadily been increasing over the years with it set to increase from 43 million people in 2018 to 78 million people globally. People who work in the gig economy have unique financial needs which currently aren’t being met by finance brands. In fact, around 26.1% of gig workers are only “somewhat satisfied” with their finance provider. This offers finance brands a prime opportunity to cater to the unique needs of gig workers helping to create loyal and authentic relationships with customers. Owing to the enormous size of the gig worker economy globally, this could see finance brands acquire a large number of new customers if their needs are satisfied. So, what do gig workers want and how can your finance brand cater to their needs?
Welcome to the gig economy
The gig worker economy is categorised as independent contractors, freelancers, content creators and on-call workers (such as nurses and other healthcare professionals). This style of work comes with its own unique set of challenges that many finance brands don’t cater for. What sets them apart from other industries is the fact that gig workers manage their personal and business finances simultaneously.
As gig workers are their own bosses and financial managers they often don’t have the luxury of big businesses that have accountants and finance officers. This is the niche that your finance brand needs to fill in order to satisfy gig workers’ needs. Providing tools, services and products the gig worker economy can use that will make financial management easier will ensure your finance brand stands out from the crowd and caters to their unique set of financial challenges.
“ Around 26.1% of gig workers are only “somewhat satisfied” with their finance provider. ”
What gig workers want
According to a report by Abound, there are a number of areas finance brands can supply the gig worker economy which will satisfy their distinct needs. By offering these niche services and products your finance brand can acquire a new market segment and help build authentic and loyal relationships with customers.
Some service finance brands can offer which will satisfy the gig worker economy include:
- A mobile app
- A tool to identify business expenses
- Educational services and tool thats can help them budget effectively
- A service that sends and receives invoices directly
- A tool that automatically sets aside money for taxes
What finance brands can improve
While almost a third of gig workers are only somewhat satisfied with their finance providers, 15% are completely unsatisfied. This indicates a gap between what finance brands offer the gig worker economy and what they actually need.
A few areas the gig worker economy are unsatisfied with finance brands include:
- Fees are too high
- Poor customer service
- Lack of features
By improving these three areas your finance brand can better satisfy the needs of the gig worker economy. This will help your finance brand stand out from the crowd and create trusting connections with workers that have previously been underserved by financial providers.
A growing market segment
Most gig workers begin work using one account for personal finance and business before transitioning to two separate accounts. Finance brands should create and market a business account that is catered to the needs of the gig worker economy. By creating a niche and tailored product your finance brand can stand apart from the competition and help build personal connections with consumers.
With 46% of the gig worker economy looking to open a new bank account, now is the perfect time for your finance brand to create a personalised financial experience for workers.
