No longer a niche market, gig economy workers are expected to represented 50% of the workforce in the US by 2028; banks have historically avoided serving gig workers because they deemed them too risky but that is changing; alternative credit models use more and better data to make credit decisions which is reducing the risk of serving this segment; there are two ways banks can benefit from catering to gig workers: 1) they a big new source of revenue simply because gig workers are becoming such a large part of the economy, 2) building their brand image by serving this community well. Business Insider.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.