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Why a Digital Bank Makes Sense for Gig Workers

Gig workers and independent contractors typically value their jobs and gigs for the flexibility. But with working on-the-go comes banking on the-go. That’s why digital and mobile banking work hand-in-hand with the Gig Economy.

Since the self-employed workforce is only growing from here, traditional banks and credit unions haven’t yet caught up to meeting their needs. Here’s why digital banks make so much sense for gig workers.

Breaking Through Traditional Red Tape

To open a traditional bank account, consumers often must often undergo a review of their banking history. That can be an impediment for some gig workers, especially those getting started with self-employment. Digital banks offer much more flexibility and often don’t require a credit or banking history review, don’t have monthly service fees, and don’t require a minimum balance.

Mobile benefits

One of the biggest benefits of digital banks is their mobile accessibility and features. This can include flexible access to earnings, instant payment options, personalized savings, smart tips, custom reminders, and automatic receipt capture for expense tracking.

Learn more about how to attract gig workers with instant payments.

Financial Tracking

On top of banking right from your phone, digital banks have evolved their features to fit the fast-paced nature of gig workers. This can include features like no overdraft fees and early direct deposit access. But on top of those, financial wellness is top of mind. Tax savings goals and Schedule C reporting becomes easier for 1099 contractors when they have more financial tracking tools at their fingertips.

Financial Tracking Wellness for Gig Workers

indi was built to meet the unique and often underserved banking needs of independent workers and partners with marketplaces and companies that directly pay gig workers, freelancers, or independent contractors to support their 1099 workforce. Contact our team to see how the indi can help deliver the instant payments, banking features, and financial wellness tools 1099 employers and workers need to thrive.