Innovative newcomers and an evolving consumer finance culture are turning the traditional outlook on direct deposit on its head. Where once it was a staple in measuring customer loyalty, the rise of open banking and the fragmentation of consumers’ financial lives demand a reconsideration of the role of direct deposit in a primary banking relationship.
Financial institutions will need to be innovative in matching the selling points of neobank and fintech challengers, who have moved beyond such offerings as early direct deposit access and are now pushing features like on-demand wage access. This will require FIs to be nimble and smart and expand the value proposition for customers who are increasingly willing and able to mix and match financial products and services across multiple companies.
Chase, DailyPay, Earnin, Even, PayActiv, Pinwheel, PNC, U.S. Bank
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