PNC created an internal startup to run a mobile bank account for gig economy workers

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PNC created an internal startup, dubbed numo, which will initially run indi, a mobile bank account for gig economy workers, Forbes reports.

Indi has no monthly service fees or minimum balance requirements, and come with features including tax calculations, tax savings goals, and dynamic adjustments when users save ahead or fall behind. It also alerts users when quarterly taxes are due. PNC is currently testing the account with staff and has opened a waiting list. There are gaps in banking services for gig economy workers, opening an opportunity for PNC to capture a significant share through its offering:

Nearly 40% of the US workforce takes part in the gig economy, representing $1.4 trillion in income in the US. And 12% of that workforce participates in the gig economy full-time, per a study from PYMNTS and Mastercard. This creates a massive addressable base for banks to develop solutions for.

But 53% of self-employed consumers have multiple banking relationships — suggesting gaps in bank offerings for this segment. PNC is the first bank in the US to develop an account tailored specifically around the needs of gig economy workers. Mastercard recently introduced interest-free pay advances to gig and hourly workers, which could similarly address some of this segment's needs.

Targeting a niche audience could help PNC's service catch on initially — but achieving scale will require a compelling value proposition. For example, Chase launched Finn, a digital-only banking offshoot tailored for millennials with savings tools, but ultimately shuttered the offering, likely as a result of an inability to stoke broad interest among millennials. PNC will have to ensure it markets the account effectively to avoid a similar outcome.

There are several features that banks should offer in order to meet the needs of gig economy workers and capture share from fintechs, as identified by a recent Javelin study. The study found that 35% of gig economy workers currently use third party providers to manage cash flow, for example, which is a feature banks should offer among these others:

Business-specific card controls. The ability to have separate controls for cards from different businesses could help gig economy workers better manage their finances. Third party providers of these services include fintechs Tide and Bento.

Mobile invoicing tools. Tide, Square, and Quickbooks offer these services, which enable gig workers to send manage invoices from one platform.

Expense reporting and receipt capture. This is a feature that several incumbent banks — including Chase, Amex, and Capital One — already offer. Gig workers could gain better visibility into their expenses through such offerings.

Cash flow insight and advice. Gig economy workers may have inconsistent cash flow due to the nature of their jobs, and with the majority of them living paycheck to paycheck, per PYMNTS, this feature has clear value.

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这是一个专门向Business Insider Intelligence Banking订户提供的故事的摘录。 据PNC创建了一个内部创业公司，名为numo，最初将运营indi，一个为经济型工人提供的移动银行账户，福布斯报道。 Indi没有月服务费或最低余额要求，并且具有税收计算，减税目标以及用户提前或落后的动态调整等功能。它还会在季度税收到期时向用户发出警报。 PNC目前正在与员工一起测试账户，并已开通等候名单。 GIG经济工作者的银行服务存在差距，为PNC提供了通过其发行获得重要份额的机会： - 近40％的美国劳动力参与了gig经济，代表了1.4万亿美元的收入。我们。根据PYMNTS和万事达卡的一项研究，12％的劳动力全职参与演出经济。这为银行开发解决方案创造了巨大的可寻址基础。但53％的自雇消费者拥有多种银行业务关系 - 这表明该部门的银行服务存在差距。 PNC是美国第一家开发专门针对gig经济工人需求量身定制的账户的银行。万事达卡最近向演出和小时工引入了免息薪酬预付款，这可能同样可以满足这一部分的一些需求。针对利基观众可以帮助PNC的服务最初获得 - 但实现规模将需要一个引人注目的价值主张。例如，Chase推出了Finn，这是一种仅限数字银行的分支机构，专为千禧一代提供储蓄工具，但最终还是关闭了这一产品，可能是由于无法激发千禧一代的广泛兴趣。 PNC必须确保有效地推销账户以避免类似的结果。 为了满足需求，银行应该提供几种功能最近的标枪研究表明，经济工作者和金融科技公司的股票占有率。该研究发现，35％的gig经济工作者目前使用第三方提供商来管理现金流，例如，这是银行应该提供的功能：特定于商业的卡片控制。对来自不同企业的卡片进行单独控制的能力可以帮助经济工作者更好地管理他们的财务状况。这些服务的第三方提供商包括金融科技Tide和Bento。移动发票工具。 Tide，Square和Quickbooks提供这些服务，使工作人员能够从一个平台发送管理发票。 费用报告和收据截止。这是几家现有银行（包括Chase，Amex和Capital One）已经提供的功能。通过此类产品，工作人员可以更好地了解他们的费用。现金流量洞察和建议。由于工作性质，Gig经济工人可能会有不一致的现金流，并且他们中的大多数人支付薪水，根据PYMNTS，这个功能具有明显的价值。