According to Javelin, 72 percent of businesses say having an accurate cash flow projection is a top priority for managing their business. But most are going outside their financial institution to get it—with 35 percent using third-party tools like QuickBooks and 53 percent doing it manually using Microsoft Excel or good old-fashioned pen and paper.
Many self-employed workers (i.e., gig workers) have inconsistent or unpredictable income patterns making cash flow management critical to their financial wellness—and key to managing any business.
The landscape is getting more complex and competitive, leaving financial institutions that ignore this underserved segment vulnerable. But by partnering with the right fintech provider, financial institutions can often leverage pre-integrated third-party solutions to offer capabilities that support self-employed workers as part of an integrated digital banking solution.
These five essential capabilities can help self-employed individuals better manage their financial lives and build stronger long-time connections and loyal relationships with their primary financial institution.