Fintech companies offer expedited stimulus paychecks
Trend - In order to more quickly aid people who are facing financial uncertainty, or those who have been laid off, fintech companies in the United States are expediting stimulus checks for as many customers as possible.
Insight - The economic impact that COVID-19 has had on consumers has been extreme and quick, particularly in regions or countries that have limited government-funded social support programs. Consumers are facing job insecurity and many don't have the funds to cover their basic needs until the economy takes a turn for the better. Thus, the demand for expedited support is high, as consumers figure out how to deal with the new normal with an uncertain future ahead.
Insight - The economic impact that COVID-19 has had on consumers has been extreme and quick, particularly in regions or countries that have limited government-funded social support programs. Consumers are facing job insecurity and many don't have the funds to cover their basic needs until the economy takes a turn for the better. Thus, the demand for expedited support is high, as consumers figure out how to deal with the new normal with an uncertain future ahead.
Workshop Question - How is your company helping employees and customers cope with financial insecurity?
Trend Themes
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Expedited Relief Support — Fintech companies are expediting stimulus checks for people facing financial uncertainty due to COVID-19 pandemic.
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Direct Deposit and Instant Access — Fintech firms like Funding Circle, TurboTax, and Chime are offering direct deposit, instant access, and early payment options to expedite stimulus funds transfer process.
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Service to Under-served Candidates — Fintech firms like Funding Circle are providing loans to historically neglected groups for small business lending and relief programs.
Industry Implications
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Fintech — Fintech firms have the potential to revolutionize stimulus payment by providing quick and direct relief services with innovative approaches.
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Small Business Lending — Online lending fintech firms like Funding Circle provide relief in the form of Paycheck Protection Program loans to small businesses affected by the pandemic.
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Tax Preparation Services — Tax preparation and filing fintech firms like TurboTax can potentially disrupt the traditional financial institutions by providing efficient stimulus payment tools for non-filers.
