Banks Take Notice of On-Demand Wages

Banks have spent billions in the last few years on speeding up payments so customers can gain access to money in seconds; on-demand wages is one trend that banks have started to take notice of  with U.S. Bank and KeyBank testing solutions; millennials in particular have become accustomed to getting music or TV on demand and are beginning to expect to receive wages on demand; a study from Harvard’s Kennedy School says workers who received on-demand wages were 19 percent more likely to stay in their current job, which could mean hundreds of millions in savings for large retailers for example; while the trend has not yet hit the mainstream it is starting to change the thinking of employers and workers who live paycheck to paycheck. Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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