The Gig Economy Financial Services Ecosystem: The gig worker market will be worth $455 billion by 2023 — here's how financial institutions are reacting to the pandemic and positioning themselves to catch the wave

Executive Summary

Gig workers have long been underserved by financial services companies because they represent a high-risk demographic due to their thin credit history and variable income — but new technologies are now available to help FIs conduct more thorough risk assessments to make serving this demographic worthwhile.

Three Key Questions This Report Will Answer:

• Why is the gig economy a market worth serving, what obstacles have stopped FIs from doing so in the past, and how much do FIs stand to gain from doing so now?
• Who is already targeting this market (across FS and from other industries), who would FIs be competing against/looking to partner if they were to enter this market?
• What are the best strategies at FIs’ disposal to successfully cater to this market?

WHAT’S IN THIS REPORT? In this report, Insider Intelligence looks at the size of the gig worker market and just how big of a revenue opportunity it presents for FIs; current events changing the gig economy, including legislation and the pandemic; and pre-pandemic efforts FIs were making to move into this market. Additionally, we take a close look at a select few early moving startups that have rolled out pandemic-specific products to help gig workers through this crisis, and what slower movers — both incumbents and startups — can learn from their efforts.