The gig economy is fast-growing stated Bahaa Abdul Hussein. It has led to the rapid growth of freelancers who are able to capitalize on opportunities like never before. Fintech has a role to play in the gig economy. Fintech companies are offering a variety of financial solutions to benefit freelancers. Let’s look at some of the trends that would be prevalent in 2024.
Financial solutions for gig workers
The gig economy is growing because it offers flexible jobs to freelancers making them autonomous. The gig economy has helped freelancers earn more. At the same time, there are many challenges that have cropped out. Fintech is helping in tackling the challenged. Fintech firms are offering financial solutions that can empower gig workers.
Fintech firms are offering a variety of tools and services to make their life easier. These financial solutions will make a significant impact on freelancers in 2024. Here is an overview of these solutions:
Digital payment
Gig workers are not part of the formal workforce and do not receive salaries. They receive payments periodically, which may be on daily, weekly, or monthly basis. Digital payment solutions are available to help gig workers get quick payment from their employers. These solutions allow freelancers to get money on time.
Finance planning and management
Freelancers do not have job security and this is a risk area. Fintech offers tools to help them manage their finances. These tools will help them manage their expenses and help them save money for the future. It can even help them with retirement planning by setting aside funds in retirement accounts.
Insurance
Freelancers don’t get insurance benefits from their employers. The importance of different types of insurance is well-known. Fintech firms are now offering insurance products for gig workers that are both affordable and flexible. These products specifically suit the requirements of freelancers.
Digital banking
With freelancers being on the go or working odd hours, they don’t have time to visit the bank. Fintech has made the bank available at their home or workspace. Fintech tools allow them to get the best benefits of digital banking through apps. Banking is now convenient, and gig workers can get affordable banking products that are easy to use.
The collaboration between fintech firms and gig workers is changing the way freelancers work. It is a major boon for freelancers helping in solving many of their problems related to finances. We can expect more such solutions in 2024 and going forward. Thank you for your interest in Bahaa Abdul Hussein Blogs. For more information, please visit www.bahaaabdulhussein.com
