Financial Institutions Targeting Freelancers
The Gig economy, freelance workforce, work-on-demand sector, digital nomads; these are just some of the terms used to refer to individuals who work remotely or are self-employed. According to NASDAQ, 43% of the U.S. workforce will be freelancers by 2020. In 2016, 34% of the American workforce were freelancers. Despite the rapid rise, research on the topic shows that there are not a lot of financial institutions and banks that cater to the needs of the so-called gig economy in the US.
This research looks into four financial institutions that offer products geared towards the freelance community. The companies are as follows: Seed, TransferWise, Azlo and Capital One. Zero fees for transfers, no minimum deposits, hassle free mobile payments, easy invoicing, debit cards and fast application are just a few of the attractive features that these companies offer.