Banks have spent billions in the last few years on speeding up payments so customers can gain access to money in seconds; on-demand wages is one trend that banks have started to take notice ofwith U.S. Bank and KeyBank testing solutions; millennials in particular have become accustomed to getting music or TV on demand and are beginning to expect to receive wages on demand; a study from Harvard’s Kennedy School says workers who received on-demand wages were 19 percent more likely to stay in their current job, which could mean hundreds of millions in savings for large retailers for example; while the trend has not yet hit the mainstream it is starting to change the thinking of employers and workers who live paycheck to paycheck. Source.
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.